Mohit borrowed a certain sum at 5% per annum compound interest and cleared this loan by paying ₹ 12600 at the end of the first year and ₹ 17640 at the end of the second year. Find the sum borrowed.
Compound Interest
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Question

Mohit borrowed a certain sum at 5% per annum compound interest and cleared this loan by paying ₹ 12600 at the end of the first year and ₹ 17640 at the end of the second year. Find the sum borrowed.

Compound Interest

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KnowledgeBoat · Accepted Answer

Let Mohit borrowed ₹ x and ₹ y. By formula, A = For ₹ 12600, P = ₹ x A = ₹ 12600 r = 5% n = 1 year Substituting values in formula we get : For ₹ 17640, P = ₹ y A = ₹ 17640 r = 5% n = 2 year Substituting values in formula we get : Total money borrowed = ₹ (x + y) = ₹ (12000 + 16000) = ₹ 28000. Hence, sum borrowed = ₹ 28000.

Mathematics

Mohit borrowed a certain sum at 5% per annum compound interest and cleared this loan by paying ₹ 12600 at the end of the first year and ₹ 17640 at the end of the second year. Find the sum borrowed.

Compound Interest

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