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Monsur Habib

· started a discussion

· 1 Months ago

Didnt understand the solution. (Question:108194.0)

Please provide a more detailed solution if possible

Question:

A man borrowed some loan from a bank at the rate of 8% compound interest per annum and he repayed the whole amount of the loan by paying ₹50,000 and ₹62,640 at the end of first year and second year, respectively. The sum of the loan was:

Options:
A) ₹50,000
B) ₹1,00,000
C) ₹1,12,640
D) ₹1,50,000
Solution:
Ans: (b)

Let sum is 100 

then amount will be 108 after each year


for the second year 108 percent=62640
then 100 percent= 58000


and for the first year,
50000+58000=108000
again 108 percent=108000
then total sum =100 percent sum= 108000/108=1000×100=100000

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