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Question
Rajeev borrowed Rs 15,000 from Sanjay at 12% p.a. compound interest. After 2 years Rajeev gave Rs 7,500 and a scooter to clear the account. Find the cost of the scooter.
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Solution
Here, P = Rs 15,000; r = 12°/o p.a.; t = 2 years
∴ A = ` "P" (1 + "r"/100)^n`
`= "Rs" 15000 (1 + 12/100)^2`
`= "Rs" 15000 (112/100)^2`
`= "Rs" 15000 (28/25)^2`
`= "Rs" 15000 xx 28/25 xx 28/25`
∴ A = Rs 18816
Hence, amount due after 2 years =Rs 18,816
Amount paid after 2 years= Rs 7,500
Balance amount =Amount due after 2 years - amount paid after 2 years = cost of the scooter= Rs (18,816 - 7,500)
Cost of the scooter= Rs 11,316
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