Question 81

Meena took a car loan for Rs.275,000 from the bank. She paid an interest@ 8% p.a. and settled the account after 3 years. At the time of settlement she gave her old scooter to the bank plus Rs335,000. What price did the scooter fetch?

Solution

S.I = $$\frac{P\times T\times R}{100}=\frac{275000\times8\times3}{100}=66000$$

Amount she has to pay after 3 years = 275000 + 66000 = 341000

Now she pays 335000 and scooter

So, scooter price = 341000 - 335000 = 6000

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