SSC Sample Paper SSC CGL - Sample Paper-13

  • question_answer
    A person borrowed Rs. 7500 at 16% compound interest. How much does he have to pay at the end of 2 yr to clear the loan?

    A) Rs. 9900                       

    B) Rs. 10092

    C) Rs. 11000                     

    D) Rs. 11052

    Correct Answer: B

    Solution :

    Given, P = Rs. 7500, R = 16%, n = 2y \[\therefore \]      \[A=P{{\left( 1+\frac{R}{100} \right)}^{n}}\]             \[=7500{{\left( 1+\frac{16}{100} \right)}^{2}}\]             \[=7500\times \frac{29}{25}\times \frac{29}{25}\]             \[=12\times 841=10092\] \[\therefore \]      \[A=Rs.\,10092\]

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