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A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?
- a)Rs. 9,990
- b)Rs. 10 ,000
- c)Rs. 10,590
- d)Rs.11,250
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
A person bought a refrigerator worth Rs.22,800 with 12.5% interest com...
The correct answer is D as Refrigerator amount = Rs 22800
Given
Interest rate = 12.5%
Thereafter first year interest will be Rs 2850
Now we have to calculate Principal
= 22800 + 2850 - 8650
= Rs 17000
Thereafter interest of second year
= 12.5 percent of 17000
= Rs 2125
Now again we have
Principal :-
= 17000 + 2125 - 9125
= Rs 10000
Thereafter interest third year
= 12.5 percent of 10000
= Rs 1250
Pay at the end of 3rd year to clear the debt
= 10000 + 1250
= Rs 11250
Given
Interest rate = 12.5%
Thereafter first year interest will be Rs 2850
Now we have to calculate Principal
= 22800 + 2850 - 8650
= Rs 17000
Thereafter interest of second year
= 12.5 percent of 17000
= Rs 2125
Now again we have
Principal :-
= 17000 + 2125 - 9125
= Rs 10000
Thereafter interest third year
= 12.5 percent of 10000
= Rs 1250
Pay at the end of 3rd year to clear the debt
= 10000 + 1250
= Rs 11250
Most Upvoted Answer
A person bought a refrigerator worth Rs.22,800 with 12.5% interest com...
Given:
Cost of refrigerator = Rs.22,800
Interest rate = 12.5%
Amount paid at the end of the first year = Rs.8,650
Amount paid at the end of the second year = Rs.9,125
To Find:
Amount to be paid at the end of the third year to clear the debt
Solution:
Step 1: Calculate the principal amount
Let the principal amount be P
Using the formula for compound interest, we get:
A = P(1 + R/100)^n
Where,
A = Amount after n years
R = Rate of interest
n = Number of years
At the end of the first year, the amount owed is:
8650 = P(1 + 12.5/100)^1
P = 7655.56
At the end of the second year, the amount owed is:
9125 = 7655.56(1 + 12.5/100)^1 + P(1 + 12.5/100)^2
P = 6969.09
Therefore, the principal amount is Rs.6969.09
Step 2: Calculate the amount to be paid at the end of the third year
Using the formula for compound interest, we get:
A = P(1 + R/100)^n
Where,
A = Amount after n years
R = Rate of interest
n = Number of years
At the end of the third year, the amount owed is:
A = 6969.09(1 + 12.5/100)^3
A = 11250
Therefore, the amount to be paid at the end of the third year to clear the debt is Rs.11,250.
Hence, the correct answer is option 'D'.
Cost of refrigerator = Rs.22,800
Interest rate = 12.5%
Amount paid at the end of the first year = Rs.8,650
Amount paid at the end of the second year = Rs.9,125
To Find:
Amount to be paid at the end of the third year to clear the debt
Solution:
Step 1: Calculate the principal amount
Let the principal amount be P
Using the formula for compound interest, we get:
A = P(1 + R/100)^n
Where,
A = Amount after n years
R = Rate of interest
n = Number of years
At the end of the first year, the amount owed is:
8650 = P(1 + 12.5/100)^1
P = 7655.56
At the end of the second year, the amount owed is:
9125 = 7655.56(1 + 12.5/100)^1 + P(1 + 12.5/100)^2
P = 6969.09
Therefore, the principal amount is Rs.6969.09
Step 2: Calculate the amount to be paid at the end of the third year
Using the formula for compound interest, we get:
A = P(1 + R/100)^n
Where,
A = Amount after n years
R = Rate of interest
n = Number of years
At the end of the third year, the amount owed is:
A = 6969.09(1 + 12.5/100)^3
A = 11250
Therefore, the amount to be paid at the end of the third year to clear the debt is Rs.11,250.
Hence, the correct answer is option 'D'.
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A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer?
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A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer?.
A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer?.
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A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer?, a detailed solution for A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of A person bought a refrigerator worth Rs.22,800 with 12.5% interest compounded yearly. At the end of first year he paid Rs.8,650 and at the end of second year Rs. 9,125. How much will he have to pay at the end of third year to clear the debt?a)Rs. 9,990b)Rs. 10 ,000c)Rs. 10,590d)Rs.11,250Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
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