A man buys a watch for Rs1950 in cash and sells it for Rs 2200 at a credit of 1 yr. The rate of interest is 10% per annum. Then he gains or loose how much amount?
Correct Answer: 50
Explanation:
S.P = P.W of Rs. 2200 due 1yr hence = Rs. [(2200 x 100)/100+(10 x 1)] = Rs.2000
