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Yogesh Kenjale

· started a discussion

· 1 Months ago

wrong (Question: 113723.0 )

if he paid 40000 at the end of first year, he paid 42000 at end of second year..means total 82000 which is greater than amount if we calculate on 62500 using 20% compound interest rate for 2 years

Question:
Ramu borrowed Rs.62500 from a bank at 20% p.a., interest being compounded annually. He repaid it in two annual installments. The amount he paid at the end of the second year was Rs.2000 more than that paid at the end of the first year. Find the amount (in Rs.) he paid at the end of the first year.
Options:
A) 37500
B) 42000
C) 35000
D) 40000
E)

None of these

Solution:
Ans: (d)

Let the amount paid at the end of the first year be Rs.x

∴[62500 (1.2) – x] (1.2)=x + 2000

⇒90000 – 2000=2.2x

⇒ x = 40000

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