Question

Mr Ghulam Nabi takes a loan of ₹25000 on 01 August 2015 at 21.9% per annum and repays ₹15000 on 04 October 2015 .If he clears all his dues on 31 December 2015 ,how much money did Mr Ghulam Nabi pay on 31 December 2015?

Answer 1

He has to pay Rs. 167,500.

Answer 2

Answer: Rs. 11488

Step-by-step explanation:

Interest to be paid till 4 Oct on 25000

= 25000*21.9*64/(100*365)

= 960

Interest to be paid on remaining amount (25000-15000=10000)

= 10000*21.9*88/(100*365)

=528

Total interest = 1488

Total amount to be paid = 10000+1488

= 11488

This question has come in New Guided Mathematics Textbook. The answer given behind is 11488, this is the method I used to find it.