Question

A man took a loan from a bank at the rate of 8% at compound interest. he repayed the whole amount of the loan by paying 50000 in first year and 62640 in second year. what was the sum of loan

Answer 1

Answer:100000

Explanation:

Answer 2

Answer:

value of 8% = 8/100 = 2/25

(27p/25 -50000)

(27p/25×27/25) -5000×27/25

=62640

729p/625=62640 + 54000

116640

p =116640×635/729

Ans = 100000

or