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Question
Pooja borrowed Rs 15,000 from Sonali at 11% p.a. compound interest. If she repays Rs 7,550 at the end of first year and Rs 6,101 at the end of second year, find the amount Pooja needs to give to Sonali at the end of third year to clear her debt.
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Solution
P = Rs. 15,000, R = 11 °/o p.a.
Interest for first year
`= ("Rs" 15000 xx 11 xx 1)/100`
= Rs, 1650
Amount due after 1st year
= Rs. 15,000 + Rs. 1,650 =Rs 16,650
Amount paid after 1st year= Rs. 7,550
Balance amount= Rs. 16,650 - Rs. 7,550 =Rs. 9, 100
Interest for second year
`=("Rs" 9100 xx 11 xx 1)/100`
=Rs 1001
Amount paid after 2nd year = Rs. 61 10 1
Balance amount = Rs. 10, 101 - Rs. 61 101 =Rs. 4,000
Interest for third year
= `("Rs" 4000 xx 11 xx 1)/100`
= Rs 440
Amount due after 3rd year
= Rs. 4,000 + Rs. 440 =Rs 4,440
Pooja needs to pay Rs 4,440 to Sonali at the end of third year to clear her debt.
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