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Question
Jaya borrowed Rs. 50,000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays 33,000 at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.
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Solution
For 1st year:
P = Rs. 50,000; R = 12% and T = 1 year
∴ Interest = Rs `(50000 xx 12 xx 1)/100` = Rs. 6000
And, Amount = Rs. 50,000 + Rs. 6,000 = Rs. 56,000
Since Money repaid = Rs. 33,000
∴ Balance = Rs. 56,000 - Rs. 33,000 = Rs. 23,000
For 2nd year:
P = Rs. 23000; R = 15% and T = 1 year
∴ Interest = Rs `(23000 xx 15 xx 1)/100`= Rs 3450
And, Amount = Rs. 23,000 + Rs. 3,450 = Rs. 26,450
Thus, Jaya must pay Rs. 26,450 at the end of 2nd year to clear her debt
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