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Question
Gautam takes a loan of ₹ 16,000 for 2 years at 15% p.a. compound interest. He repays ₹ 9,000 at the end of the first year. How much must he pay at the end of the second year to clear the debt?
Solution
Loan taken (P) = ₹ 16000
Rate (R) = 15% p.a.
Time (T) = 2 years
∴ Interest for the first year
`="PRT"/100=(16000xx15xx1)/100`
= ₹2400
Amount after one year = ₹16000 + 2400
= ₹18400
At the end of one year amount paid back = ₹9000
Balance amount = ₹18400 − 9000
= ₹9400
Interest for the second year = `(9400xx15xx1)/100`
= ₹1410
Amount after second year = ₹9400 + 1410
= ₹10810
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