Question

₹8000 is lent out at 7% compound interest for 2 years. At the end of first year ₹3560 are returned. calculate :
(I) the intrest paid for the second year
(ii) the total intrest paid in two years
(iii) the total amount of money paid in two years to clear the dept.​

Answer 1

Answer:

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Answer 2

Step-by-step explanation:

HEY BOYS AND GIRLS , THIS IS YOUR ANSWER

For the first year :

P = 8000 , R = 7% , T = 1 year

I = PRT/100

 = 8000*7*1/100

 =rupees 560

A = P+T

  = 8000+560

  = rupees 8560

Money Paid = rupees 3560     ( given )

Balance = 8560-3560

             = rupees 5000

For the second year :

P = 5000 , R = 7% , T = 1 year

( i )           I = PRT/100

                = 5000*7*1/100

                = rupees 350

Interest paid for second year = rupees 350

Total interest paid in 2 years = 350 + 560

                                                = rupees 960

Amount = 5000 + 350

             = rupees 5350

Total amount of money paid in 2 yrs. to clear the debt = 8000-910

                                                                                          = rupees 8910

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