Question

2.Rohit borrowed Rs 12000 for 2 years at 10% p.a. compound interest. He repays Rs 5000 at the end of first year. Find:
i) Amount at the end of first year, before making the repayment.
ii) Amount to be paid at the end of second year to clear the account..​

Answer 1

Answer:

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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