Manju takes a loan of Rs. 500, from the village moneylender at the rate of 36% per annum and pays back Rs. 680 after some time. Manju takes out a loan for a ____year.

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Detailed Solution

Concept- Manju takes a loan of Rs. 500, from the village moneylender at the rate of 36% per annum and pays back Rs. 680 after some time.Manju takes out a loan for 1 year.
To calculate the length of Manju's debt, we must utilize the simple interest formula. We are aware that I = PRt, where P is the principal sum, R is the annual percentage rate of interest, and t is the time period in years, is the formula for simple interest. So, we'll use the information provided in the question, make the appropriate substitutions, and calculate the value of t.

Hence, the correct answer is 1 year.

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