Sarah lent ₹12,000 to John on 10 January 2024 at a simple interest rate of 6% per annum. John plans to pay back the entire amount on 10 July 2024. What is the total amount John needs to return?
₹12,360
Step 1 – identify P, R, T:
\(P = ₹12{,}000,\ R = 6\% \text{ p.a.},\ T = 6 \text{ months} = \dfrac{1}{2} \text{ year}\)
Step 2 – simple interest formula:
\(SI = \dfrac{P \times R \times T}{100} = \dfrac{12{,}000 \times 6 \times \tfrac{1}{2}}{100}\)
\(= \dfrac{12{,}000 \times 3}{100} = \dfrac{36{,}000}{100} = ₹360\)
Step 3 – total amount to be returned:
\(A = P + SI = 12{,}000 + 360 = ₹12{,}360\)
Hence the answer is ₹12,360.
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