A man borrowed Rs.40000 at simple interest per year. At the end of second year he paid back a certain amount and at the end of fifth year he paid back Rs.35960 and cleared the debt. What is the amount that he paid back after the second year?

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16200

17400

18600

19200

answer is B.

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Detailed Solution

Concept- Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.
Given P = 40000, R =

, T = 5
SI =

So, amount at the end of second year i.e. A = SI + P = 6400+40000 = 46400
Now, amount for the last three years be Rs.35960
Let principal be ‘x’, R =

, T = 3 years
SI =

Now, amount at the end of fifth year i.e. A =

So,

So, amount at the end of second year = 46400 – 29000 = 17400
Hence, the correct answer is option 2.

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