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Question

Mohan borrows Rs. 50,000 from a bank at 10% per annum. He repays Rs. 25,000 at the end of each year, What amount does he owe to the bank after the second repayment?

A
Rs. 10,000
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B
Rs. 8,000
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C
Rs. 12,000
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D
None of these.
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Solution

The correct option is C Rs. 8,000
For 1st year
P=50000
R=10%
T=1
S.I=PTR100=50000×10×1100=Rs.5000
A=P+S.I
=55000
Now, 25000 is repaid
P for second year =5500025000
=30000
T=1
R=10
S.I=30000×1×10100=Rs.33000
Money outstanding =(3300025000) =Rs.8,000
=8000

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