Ravi borrowed Rs 20,000 at 2% per annum and Rs 10000 at 5% per annum. He cleared his debt after 2 years by giving Rs 30000 and a watch. What is cost of by watch.
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Answer:
Simple interest = 2000x2x2/100 + 1000x5x2/100
= 80 + 100 = Rs 180
Total amount = 2000 + 1000 + 180
= Rs 3180
Cost of the watch = Rs 3180 - Rs 2800
= Rs 380
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