Xavier Aptitude Test 2012 Paper

Question : 59 of 85

Marks: +1, -0

A man borrows Rs. 6000 at 5% interest, on reducing balance, at the start of the year. If he repays Rs. 1200 at the end of each year, find the amount of loan outstanding, (in Rs.), at the beginning of the third year.

3162.75
4155.00
4155.00
5100.00
5355.00

Validate

Solution:

=6000+\ {6000 × 5 × 1}/{100}-1200

=6000+300-1200=5100

∴

Amount after two years i.e. at the beginning of the third year

=5100+\ {5100 \× 5 × 1}/{100}-1200

=5100+255-1200=4155

Hence option

(\ {c})

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