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Question
Jaya borrowed Rs. 50,000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays 33,000 at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.
Solution
For 1st year:
P = Rs. 50,000; R = 12% and T = 1 year
∴ Interest = Rs `(50000 xx 12 xx 1)/100` = Rs. 6000
And, Amount = Rs. 50,000 + Rs. 6,000 = Rs. 56,000
Since Money repaid = Rs. 33,000
∴ Balance = Rs. 56,000 - Rs. 33,000 = Rs. 23,000
For 2nd year:
P = Rs. 23000; R = 15% and T = 1 year
∴ Interest = Rs `(23000 xx 15 xx 1)/100`= Rs 3450
And, Amount = Rs. 23,000 + Rs. 3,450 = Rs. 26,450
Thus, Jaya must pay Rs. 26,450 at the end of 2nd year to clear her debt
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