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A man borrowed Rs.80000 at a simple interest of 5% per annum. After 5 years, he deposited an amount of Rs.50000, and the interest on the remaining amount was computed at a rate of 10% per annum compounded annually. After 2 years, he was given a rebate and he cleared his debt by paying Rs.55000. How much money was rebated?

A man borrowed Rs.80000 at a simple interest of 5% per annum. After 5 years, he deposited an amount of Rs.50000, and the interest on the remaining amount was computed at a rate of 10% per annum compounded annually. After 2 years, he was given a rebate and he cleared his debt by paying Rs.55000. How much money was rebated? Correct Answer Rs.5500

Interest for first 5 years = (80000 × 5 × 5) /100

= Rs.20000

Amount to be paid after 5 years = Rs.(80000 + 20000)

= Rs.100000

Amount remaining after 5 years = 100000 – 50000

= Rs.50000

Amount after next 2 years = 50000 × (1 + 10/100)2

= 50000 × 1.21

= Rs.60500

∴ Amount rebated = 60500 – 55000 = Rs.5500

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