Multiple choice

Ravi bought a premium motorbike and paid 1 4 of its price through net banking and 1 3 in cash, agreeing to pay the remaining balance after two years with a 15% annual simple interest rate. If the total interest paid on the remaining amount was Rs. 45,000, then what was the original price of the bike?

  1. Rs. 3,85,000

  2. Rs. 3,66,000

  3. Rs. 3,36,000

  4. Rs. 3,60,000

  5. None of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Remaining amount = 1 - 1/4 - 1/3 = 5/12 of price. Interest = (5/12 * P) * 0.15 * 2 = 45000. (5/12 * P) * 0.3 = 45000. (5/12 * P) = 150000. P = 150000 * 12 / 5 = 360000.

AI explanation

Let the price of the bike be P, then the remaining balance is P minus P divided by 4 minus P divided by 3, which equals 5P divided by 12. Using the simple interest formula of principal times rate times time divided by 100, the interest is 45000 equals 5P divided by 12 times 15 times 2 divided by 100. Solving for P gives 45000 equals 1.25P, so P equals 36000. The original price was Rs. 3,60,000.

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