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A Woman took a loan of Rs. 15,000 to purchase a mobile. She promised to make the payment after three years. The company charges CI at 20% per annum for the same. But, suddenly the company announces the rate of interest as 25% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of new rate of interest?
Rs1230
Rs1135
Rs1080
Rs1100
15,000 *(1+20/100)2[ (1+25/100) – (1+20/100)]
=15,000*120/100*120/100 [125/100-120/100]
=15000*144/100(5/100) =150*144*5/100=1080
Hence, option 3 is the correct answer.
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