Q. A certain sum of money was lent under the following repayment scheme based on Simple Interest:
A
Rs15,000
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B
Rs 18,000
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C
Rs 19,000
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D
Rs 21,500
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E
None of these
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Solution
The correct option is B Rs 18,000 For the principal amount of x 40320−x=x(8100×2)+x(9.5100×4)+x(11100×2)+x(12100×4) 40320 = x + x (0.16 + .38 + .22 + .48) x = 403202.24 x = 18000