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Question
Rs. 8,000 is lent out at 7% compound interest for 2 years. At the end of the first year Rs. 3,560 are returned. Calculate :
(i) the interest paid for the second year.
(ii) the total interest paid in two years.
(iii) the total amount of money paid in two years to clear the debt.
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Solution
(i) For 1st year :
P = Rs. 8,000; R = 7 % and T = 1 year
Interest = Rs. `[ 8,000 xx 7 xx 1 ]/[100]` = Rs. 560.
Amount = Rs. 8,000 + Rs. 560 = Rs. 8,560
Money returned = Rs. 3,560
Balance money for 2nd year= Rs. 8,560 - Rs. 3,560 = Rs. 5,000
For 2nd year :
P = Rs. 5,000; R = 7 % and T = 1 year.
Interest paid for the second year = Rs. `[ 5,000 xx 7 xx 1 ]/100`
= Rs. 350
(ii) The total interest paid in two years= Rs. 350 + Rs. 560 = Rs. 910
(iii) The total amount of money paid in two years to clear the debt
= Rs. 8,000+ Rs. 910 = Rs. 8,910
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