A man takes a loan of Rs.1,00,000 at simple interest. He pays Rs.50,000
at the end of first year in which interest is also incuded and Rs.65,000
at the end of the second year and clears the debt. If the rate of interest
is the same in both years, find the rate of interest.
(a) 8%
(b) 10%
(c) 12%
(d) 14%
Answers
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Answer:
For the first two years,
Amount =40000+
100
40000×8×2
=40000+6400= Rs. 46400
Let x be the principal for the last 3 years.
Then, x+
100
x×8×3
=35960
⇒x+
25
6x
=35960
⇒
25
25x+6x
=35960
⇒
25
31x
=35960
⇒x=
31
35960×25
= Rs. 29000
∴ Amount paid back after the second year = Rs. 46400− Rs. 29000= Rs.17400.
Step-by-step explanation:
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