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Question

A man borrowed Rs. 40,4000 at 8% simple interest per year. At the end of second year he paid back certain amount and at the end of fifth year he paid back certain amount and at the end of fifth year he paid back Rs. 95960 and cleared the debt. What is the amount that he paid back after the second year?

A
Rs. 16200
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B
Rs. 17400
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C
Rs. 18600
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D
Rs. 19200
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Solution

The correct option is C Rs. 17400
For the first two years,
Amount =40000+ 40000×8×2100
=40000+6400= Rs. 46400
Let x be the principal for the last 3 years.
Then, x+ x×8×3100=35960
x+6x25=35960
25x+6x25=35960
31x25=35960
x=35960×2531= Rs. 29000
Amount paid back after the second year = Rs. 46400 Rs. 29000= Rs.17400.

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