Question : Ram bought a bike for Rs. 60,000. He paid Rs. 10,000 cash down and the rest at the end of 2 years at 15% simple interest. How much more did he pay as simple interest?
Option 1: Rs. 15,000
Option 2: Rs. 25,000
Option 3: Rs. 35,000
Option 4: Rs. 50,000
Correct Answer: Rs. 15,000
Solution :
Principal sum = Rs. (60000 – 10000) = Rs. 50000
Rate of interest = 15%, time period = 2 years
Simple Interest =$\frac{\text{Principal×Rate×Time}}{100}$
= $\frac{50000×15×2}{100}$
= 500 × 30 = Rs. 15,000
Hence, the correct answer is Rs. 15,000.
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