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Sohan borrows a sum of ₹1,41,545 at the rate of 11% per annum simple interest. At the end of the first year, he repays ₹25,490 towards the principal amount borrowed. If Sohan clears all pending dues at the end of the second year, including the interest accrued during the first year, how much does he pay at the end of the second year?

1. 1,44,391
2. 1,36,453
3. 1,41,222
4. 1,37,407

Correct answer: 1,44,391

Solution

First-year interest on ₹1,41,545 at 11% is ₹15,570. After paying ₹25,490, the outstanding principal becomes ₹1,16,055. Interest for the second year on this amount is ₹12,766.05, so the final payment is the remaining principal plus second-year interest, matching the given option.

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