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  • A sum was lent at 20%p.a compound interest, the interest being compounded annually. Rs.1200 was paid back after 1 year. After another year Rs. 1440 was re

A sum was lent at 20%p.a compound interest, the interest being compounded annually. Rs.1200 was paid back after 1 year. After another year Rs. 1440 was repaid to clear the loan. Find the sum lent.

  • Option 1)

    Rs.5000

  • Option 2)

    Rs.6000

  • Option 3)

    Rs 2000

  • Option 4)

    Rs 4000

  • Option 5)

    Rs.8000

Answers (1)

best_answer

R = 20 % P.A

Paid back after 1st year = 1200

Paid back after year to clear the loan = 1440

Let, P = x

Then = \left ( \frac{120}{100}x-1200 \right )\times \frac{120}{100}=1440

\frac{(120x-12000)}{100}=\frac{144000}{120}

1440x=\frac{2880000}{1440}

x=2000

Posted by

rishi.raj

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