A moneylender charges simple interest at 75 paise per Rs. 100 per month. What interest is due on Rs. 16,000 after 3 years?
Correct answer B. Rs. 4,320
Explanation
75 paise per Rs. 100 per month = 0.75 × 12 = 9% per annum. SI = 16000 × 9 × 3 / 100 = Rs. 4,320.
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