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Question
Mr. Chatterjee borrowed Rs 50,000 in compound interest from Mr. Patel for 2 years when the rates of interest for the successive years were `7 1/2 %` and `9 1/4 %`. If Mr. Chatterjee returned Rs 27, 750 at the end of the first year, find the amount he needs to return at the end of the seoond year to clear the loan.
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Solution
P = Rs. 50,000, R = `7 1/2` % p.a. = `15/2` % p.a.
Interest for first year
`= ("Rs" 50000 xx 15/2 xx 1)/100`
`= ("Rs" 50000 xx 15 xx 1)/ (2 xx 100)`
= Rs 3, 750
Amount due after 1st year
=Rs. 50,000 +Rs. 3,750 =Rs 53,750
Amount paid after 1st year = Rs. 27,7 50
Balance amount= Rs. 53,750 - Rs. 27,750 =Rs. 26,000
Interest for second year when r = `9 1/4 %`p.a. = `37/4`% p.a.
`= ("Rs" 26000 xx 37/4 xx 1)/100`
`= ("Rs" 26000 xx 37 xx 1)/(4 xx 100)`
= Rs 2, 405
Amount due after 2nd year
= Rs. 26,000 + Rs. 2,405 =Rs 28,405
Mr. Chatterjee has to return Rs 28,405 to Mr. Patel at the end of second year to clear his loan.
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