Question

Sunil borrowed Rs. 4500 at 12 per cent per annum from a co-operative society. Calculate the amount he paid back at the end of 2 years.

Answer 1

Answer:

Interest = 4500 x 12/100x 2 = 1080

Amount = 4500 + 1080 = 5580 Rs

Answer 2

Answer:

A

24500

B

24000

C

23.5

D

23000

Solution

Case 1: For the first two years <br>

<br>

<br> Case 2: For the remaining time period <br>

months <br>

<br>

. <br>

Total amount that Ravi has to pay =15,000 + 4500 + 400 = Rs 23,500