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Question
Prakash borrowed Rs 10,000 from Rajesh for 2 years at 6% and 8% p.a. compound interest for successive years. If Prakash returns Rs 5,600 at the end of the first year, how much does he have to give to Rajesh at the end of the second year to clear the loan?
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Solution
P = Rs. 10,000, R = 6 °/o p.a.
Interest for first year
`= ("Rs" 10000 xx 6 xx 1)/100`
= Rs600
Amount due after 1st year
=Rs. 10,000 +Rs. 600 =Rs 10,600
Amount paid after 1st year = Rs. 5,600
Balance amount = Rs. 10,600 - Rs. 5,600 =Rs. 5,000
Interest for second year when r = 8°/o p.a.
`= ("Rs" 5000 xx 8 xx 1)/100`
= Rs 400
Amount due after 2nd year
= Rs. 5,000 + Rs. 400
=Rs 5,400
Prakash has to return Rs 5,400 to Rajesh at the end of second year.
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