New Register for Workshop on How to start for NABARD 2025 (Stepwise Plan) - Apr 26, 7 PM

    Question

    A man borrows ₹12,000 at 10% per annum simple

    interest for 5 years. He repays ₹6,000 at the end of 3 years. What amount should he repay at the end of 5 years to clear the loan?
    A ₹12,280 Correct Answer Incorrect Answer
    B ₹8,000 Correct Answer Incorrect Answer
    C ₹8,500 Correct Answer Incorrect Answer
    D ₹11,520 Correct Answer Incorrect Answer

    Solution

    Interest for 3 years = ₹12,000 × 10% × 3 = ₹3,600. Total amount at the end of 3 years = ₹12,000 + ₹3,600 = ₹15,600. Amount after repaying ₹6,000 = ₹15,600 - ₹6,000 = ₹9,600. Interest on ₹9,600 for 2 years = ₹9,600 × 10% × 2 = ₹1,920. Total amount to repay = ₹9,600 + ₹1,920 = ₹11,520.

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