Rohit borrowed Rs 1200 at 12 PA He repaid Rs 500 at the end of 1 year What is the amount r...........

Quant (SSC) Compound Interest

Rohit borrowed Rs. 1200 at 12% PA .He repaid Rs. 500 at the end of 1 year. What is the amount required to pay at the end of 2nd year to discharge his loan which was calculated in CI

945.28

1106.00

1107.55

1100.65

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Explanation:

CI at the end of 1^st year = 1200 *( 1+(12 /100)) = 1344
CI= 1344-1200 = 144
500 paid then remaining amount = 1344 – 500 = 844
At the end of 2nd year
844*[(1+(12/100)] =945.28