A person takes a loan of 3500for 1 month at the rate of 2%per anum. find the amount
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Answer:
Rs.115.50
Amount to be paid after first year =
100
200×5×1
+200=210
Amount left as principal for the second year =210−100=110
∴ Amount paid in second year = 110+
100
110×5×1
=115.5
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