QUESTION

CSAT

Hard

Maths

Prelims 2018

A person bought a refrigerator worth Rs. 22,80022,800 with 12.5%12.5\% interest compounded yearly. At the end of first year he paid Rs. 8,6508,650 and at the end of second year Rs. 9,1259,125. How much will he have to pay at the end of third year to clear the debt?

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Explanation

The total interest in the first year is 12.5%12.5\% of 22,80022,800, which equals Rs. 2,8502,850.

The debt at the end of the first year is Rs. 22,800+2,850=22,800 + 2,850 = Rs. 25,65025,650.

After paying Rs. 8,6508,650, the new principal becomes Rs. 17,00017,000.

Now, 12.5%12.5\% of Rs. 17,00017,000 is Rs. 2,1252,125.

Therefore, the debt at the end of the second year is Rs. 19,12519,125.

Finally, after paying Rs. 9,1259,125, he is left with a debt of Rs. 10,000+12.5%10,000 + 12.5\% of Rs. 10,00010,000, which equals a total of Rs. 11,25011,250.

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