Delhi Police Constable Exam Model Paper 3

Question : 86 of 100

Marks: +1, -0

A person took a loan of amount Rs. 8000 from bank and bank offers 10% annual CI for first 2 years and r% annual CI for 3rdlast year. If person has to return Rs. 12100 to the bank, then find the value of ‘r’?

Validate

Solution:

GIVEN:Loan amount = Rs.8000
FORMULA USED:

CI = P(1 + R/100 )^t − P

CALCULATION:
Principle = Rs. 8000
Now
,⇒

12100 = 8000(1 + 10/100 )^2 (1 +r/100 )

⇒

12100 = 9680 (1 + r/100 )

⇒

12100/9680 = (1 + r/100)

⇒

(1 + r/100 ) =5/4

⇒

r/100=1/4

⇒

r = 25%

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