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Nishtha borrowed Rs.1000 at 10 percent per annum simple interest from a cooperative society on January 1, 1997. She cleared the loan by paying Rs.1020. The amount was paid on:

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An Intiative by Sri Chaitanya

March 15,1997

March 13,1997

March 16,1997

March 14,1997

answer is B.

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Detailed Solution

Concept- Using the simple interest formula, we can determine the number of years and then convert it to months.
Consider

as his income that month.
Here,

We have,

years.

months.

months

days

months

days.
Therefore, 2 months 12 days from Jan 1, 1997 is March 13, 1997.
Hence, the correct answer is option 2.

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