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Question
Mr. Kumar borrowed Rs. 15,000 for two years. The rate of interest for the two successive years are 8% and 10% respectively. If he repays Rs. 6,200 at the end of the first year, find the outstanding amount at the end of the second year.
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Solution
P = ₹ 15,000
Interest for 1st year
= `(15,000 xx 8 xx 1)/(100)`
= ₹ 1,200
Amount after one year
= ₹ (15,000 + 1,200)
= ₹ 16,200
He repays ₹ 6,200 at the end of the 1st year
∴ Principal for 2nd year
= ₹ (16,200 - 6,200)
= ₹ 10,000
Now interest for the 2nd year
= `(10,000 xx 10 xx 1)/(100)`
= ₹1,000
∴ Amount outstanding at the end of 2nd year
= ₹ (10,000 + 1,000)
= ₹ 11,000.
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