Jaya borrowed ₹ 50000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays ₹ 33000 at the end of first year. Find the amount she must pay at the end of second year to clear her debt.
Solution:
It is given that
Amount borrowed by Jaya = ₹ 50000
Period (n) = 2 years
Rate of interest for two successive years are 12% and 15% respectively
We know that
Interest for the first year = Prt/100
Substituting the values
= (50000 × 12 × 1)/ 100
= ₹ 6000
So the amount after first year = 50000 + 6000 = ₹ 56000
Amount repaid = ₹ 33000
Here
Balance amount for the second year = 56000 – 33000 = ₹ 23000
Rate = 15%
So the interest for the second year = (230000 × 15 × 1)/ 100
= ₹ 3450
Amount paid after second year = 23000 + 3450 = ₹ 26450
More Solutions:
- At what rate percent will ₹ 2000 amount.
- Find the rate of interest per annum.
- Determine the rate of interest for a sum.
- Find the amount after 3 years at the above rate of compound interest.
- A certain sum amounts to ₹ 5292 in 2 years.
- A certain sum amounts to ₹ 798.60 after 3 years.
- In what time will ₹ 15625 amount to ₹ 17576.
- In what time will ₹ 1500 yield ₹ 496.50 as compound interest
- Find the time period of investment.