16. Peter borrows 12,000 for 2 years at 10%
p.a. compound interest. He repays 8,000 at
(i) the amount at the end of first year, before
the end of first year. Find :
making the repayment.
(ii) the amount at the end of first year, after
making the repayment.
(iii) the principal for the second year.
(iv) the amount to be paid at the end of
second year, to clear the account.
Answers
Step-by-step explanation:
Sum borrowed = ₹12000
Rate (R) = 10% p.a. compounded annually
Time (T) = 2 Years
Interest for the first year = PRT/100
= (12000 × 100 × 1)/100 = ₹ 1200
(i) Amount = ₹ 12000 + 1200 = ₹13200
Amount paid = ₹8000
(ii) Balance amount = ₹ 13200 – 800 = ₹5200
(iii) ∴ Principal for the second year = ₹5200
(iv) Interest for the second year = (5200 × 10 ×1)/100
= ₹ 520
∴ Amount = ₹ 5200 + 520 = ₹5720
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Step-by-step explanation:
Sum borrowed = ₹12000
Rate (R) = 10% p.a. compounded annually
Time (T) = 2 Years
Interest for the first year = PRT/100
= (12000 × 100 × 1)/100 = ₹ 1200
(i) Amount = ₹ 12000 + 1200 = ₹13200
Amount paid = ₹8000
(ii) Balance amount = ₹ 13200 – 800 = ₹5200
(iii) ∴ Principal for the second year = ₹5200
(iv) Interest for the second year = (5200 × 10 ×1)/100
= ₹ 520
∴ Amount = ₹ 5200 + 520 = ₹5720