Mathematics · Simple Interest
Rachel borrowed Rs. 10,000 at 10% simple interest per annum. She paid back Rs. 3,000 after Year 1, Rs. 2,800 after Year 2, and the remaining amount due after Year 3. If interest was charged on the reducing balance, what was the amount Rachel paid as the final instalment?
- 1Rs. 5,850
- 2Rs. 4,620
- 3Rs. 6,600✓
- 4Rs. 7,200
Correct answer
Rs. 6,600
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