Profit and Loss Test

Result

Profit and Loss Test - 9

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Weekly Quiz Competition

Question 1
1 / -0

John borrowed Rs. 3000 from Mohan at a rate of 10% p.a simple interest for 3 years. At the end of the year, he paid the interest for that year and part of the loan, altogether Rs. 800. Similarly, he paid Rs. 800 at the end of the 2^nd year. What sum must he pay now to clear off the debt?

A
Rs. 2060

B
Rs. 2000

C
Rs. 2045

D
Rs. 2100

Solution

Let the amount to be returned be Rs. L.
So, 3000(1 + 0.1 × 3) = 800(1 + 0.1 × 2) + 800(1 + 0.1 × 1) + L

Or 3000(1.3) = 800(1.2) + 800(1.1) + L
Or 3900 = 960 + 880 + L
Or L = 2060

Thus, sum he must pay to clear off the debt = Rs. 2060