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Question
Samidha borrowed Rs.7500 from Shreya at 30% per annum compounded interest. After 2 years, Samidha gave Rs.10000 and a juicer to Shreya to clear the debt. Find the cost of the juicer.
Solution
For 1st year : P = Rs.7500, R = 30% and T = 1 year
Interest = Rs.`(7500 xx 30 xx 1)/(100)`
= Rs.2550
Amount
= Rs.7500 + Rs.2250
= Rs.9750
For 2nd year : P = Rs.9750; R = 30% and T = 1 year
Interest = Rs.`(9750 xx 30 xx 1)/(100)`
= Rs.2925
Amount
= Rs.9750 + Rs.2925
= Rs.12675
Thus, total amount to be paid by Samidha = Rs.12675
But, Samidha gave Rs.10000 + juicer to Shreya.
⇒ Rs.10000 + Cost of juicer = Rs.12675
⇒ Cost of juicer
= Rs. (12675 - 10000)
= Rs.2675.
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