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A man purchased a car for Rs. 12 lakh and was insured at 80% of the cost. He sold the car at a 15% loss but had not yet delivered it to the buyer when he met with an accident. After the accident, the car damaged a lot and the insurance company paid 90% of the insured amount. The net difference in the two transactions is:

A man purchased a car for Rs. 12 lakh and was insured at 80% of the cost. He sold the car at a 15% loss but had not yet delivered it to the buyer when he met with an accident. After the accident, the car damaged a lot and the insurance company paid 90% of the insured amount. The net difference in the two transactions is: Correct Answer Rs. 1.56 lakhs

Given:

A man purchased a car for price = Rs. 12 lakh

Car was insured at  = 80% of the cost of the car

Car was sold at the loss of = 15%

The percentage of the insured amount paid by the insurance company = 90%

Formula:

x% of a number = Actual number × (x/100)

Given:

SP = 12,00,000 × (85/100) = 10,20,000

Amount paid by the insurance company = 12,00,000 × (80/100) × (90/100) = 8,64,000

∴ Required difference = 10,20,000 - 8,64,000 = 1,56,000 or 1.56 lakhs

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