A person takes a loan of ₹ 200 at 5\% simple interest. He returns ₹ 100 at the end of 1 year. In order to clear his dues at the end of 2 years, he would pay :
(a)₹ 105
(b)₹ 110
(c)₹ 115
(d)₹ 115.50
Answer
Answer (as printed): C
Explanation
Amount to be paid $=₹\left(100+\frac{200 \times 5 \times 1}{100}+\frac{100 \times 5 \times 1}{100}\right)$ $$\text { = ₹ } 115 .$$
Explanation as extracted from the printed page; notation may be imperfect.