A person takes a loan of Rs. 200 at 5% simple interest. He returns Rs. 100 at the end of 1 year. In order to clear his dues at the end of 2 years, he would pay
Question and options
A person takes a loan of Rs. 200 at 5% simple interest. He returns Rs. 100 at the end of 1 year. In order to clear his dues at the end of 2 years, he would pay
- Rs. 100
- Rs. 105
- Rs. 110
- Rs. 115.50
Answer and explanation
Correct answer: D - Rs. 115.50
After 1 year he owes 200 + 10 = 210; paying 100 leaves 110. Interest for the 2nd year on 110 at 5% = 5.50, so he pays 110 + 5.50 = Rs 115.50.
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CUSAT CAT LLM
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