A shopkeeper with an overdraft facility at 18 percent with a bank borrowed ₹ 15000 on Jan 8, 2011 and returned the money on June 3, 2011 so as to clear the debt. The amount that he paid was
(a)₹ 16080
(b)₹ 16280
(c)₹ 16400
(d)None of these
Answer
Answer (as printed): A
Explanation
Time $=(23+28+31+30+31+3)$ days 146 days $$=\frac{2}{5} \text { years. } \text { ∴ S.I. }=₹\left(15000 \times 18 \times \frac{2}{5} \times \frac{1}{100}\right)=₹ 1080 .$$ Hence, amount paid $=₹(15000+1080)=₹ 16080$.
Explanation as extracted from the printed page; notation may be imperfect.