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Question
Rs. 8,000 is lent out at 7% compound interest for 2 years. At the end of the first year Rs. 3,560 are returned. Calculate :
(i) the interest paid for the second year.
(ii) the total interest paid in two years.
(iii) the total amount of money paid in two years to clear the debt.
Solution
(i) For 1st year :
P = Rs. 8,000; R = 7 % and T = 1 year
Interest = Rs. `[ 8,000 xx 7 xx 1 ]/[100]` = Rs. 560.
Amount = Rs. 8,000 + Rs. 560 = Rs. 8,560
Money returned = Rs. 3,560
Balance money for 2nd year= Rs. 8,560 - Rs. 3,560 = Rs. 5,000
For 2nd year :
P = Rs. 5,000; R = 7 % and T = 1 year.
Interest paid for the second year = Rs. `[ 5,000 xx 7 xx 1 ]/100`
= Rs. 350
(ii) The total interest paid in two years= Rs. 350 + Rs. 560 = Rs. 910
(iii) The total amount of money paid in two years to clear the debt
= Rs. 8,000+ Rs. 910 = Rs. 8,910
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