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.
Compound Interest
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Question

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.

Compound Interest

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KnowledgeBoat · Accepted Answer

Principal for first year = ₹50000, rate = 12%. Interest for first year = = ₹6000. Amount after first year = ₹50000 + ₹6000 = ₹56000. Money refunded at the end of first year = ₹33000. Principal for second year = ₹56000 - ₹33000 = ₹23000, rate = 15%. Interest for second year = = ₹3450. Amount after second year = ₹23000 + ₹3450 = ₹26450. Hence, Jaya must pay ₹26450 at the end of second year to clear her debt.

Mathematics

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.

Compound Interest

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