Ram borrows a sum of ₹24,000 from his friend Soham on 31 December 2021 on the condition that he will return the same after one year with simple interest at 18% per annum. However, Ram is able to return the money on 1 August 2022. What amount does Ram have to return to Soham?
A.₹25,250
B.₹26,250
C.₹26,520✓ Correct
D.₹25,520
Explanation
From 31 Dec 2021 to 1 Aug 2022 is 7 months. SI = 24000 × 18/100 × 7/12 = ₹2520. Total = 24000 + 2520 = ₹26,520.
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