Question
A man buys a car for ₹800,000. He sells it after 3
years at a loss of 15%. If he invests the selling amount in a fixed deposit at an interest rate (simple interest) of 5% per annum, how much interest will he earn in 2 years?Solution
Selling price = 800,000 - (15% of 800,000) = 800,000 - 120,000 = ₹680,000. Interest earned in 2 years = Principal * Rate * Time/100 = 680,000 * 0.05 * 2 = ₹68,000. Correct answer: A) ₹68,000
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