Question

A person bought a motorbike under the following
scheme: Down payment of 15,000 and the rest
amount at 8% per annum for 2 years. In this way,
he paid 28,920 in total. Find the actual price of
the motorbike. (Assume simple interest).
7000​

Answer 1

Answer:

12,000 rupees is the answer

Answer 2

Given :  A person bought a motorbike under the following scheme: Down payment of 15,000 and the rest amount at 8% per annum for 2 years.

In this way, he paid 28,920 in total.

(Assume simple interest).​

To Find  : the actual price of the motorbike.

Solution:

Down payment of 15,000

Paid total = 28920  

Hence paid later on = 28920  - 15000  = 13920

Let say Bike total cost  = X

Then amount remaining to be pending = X - 15000

SI = P * R * T / 100

P = X - 15000  

R = 8 %

T = 2 Years

A = P + SI

=> 13920   =  ( X - 15000)  +   ( X - 15000)  * 8 * 2  / 100

=> 13920   =  ( X - 15000) (1.16)

=> 12000 = X - 15000

=> X = 27000

Hence the actual price of the motorbike.  = Rs 27000

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