Question : A man buys a TV priced at Rs. 16,000. He pays Rs. 4,000 at once and the rest after 15 months on which he is charged as simple interest at the rate of 12% per year. The total amount he pays for the TV is:
Option 1: Rs. 18,200
Option 2: Rs. 17,800
Option 3: Rs. 16,800
Option 4: Rs. 17,200
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Correct Answer: Rs. 17,800
Solution :
The price of the TV is Rs. 16,000.
Initially paid Rs. 4,000.
So, the remaining amount is = (16000 – 4000) = Rs. 12,000
We know, simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
So, interest on the amount of Rs. 12,000 for 15 months at the rate of 12% per year
= $\frac{12000×12×15}{100×12}$
= Rs. 1,800
$\therefore$ The total amount he pays for the TV = (4000 + 12000 + 1800) = Rs. 17,800
Hence, the correct answer is Rs. 17,800.
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