Question

b)A sum of Rs 8000 was lent out at 15% pa compound interest for 2 years. If Rs 3200
was paid back after one year , find the amount to be paid at the end of the second
year in order to clear the debt.

Answer 1

Answer:

Step-by-step explanation:

Amount to be paid at the end of two years will be =Amountafter2years=8000(1+  

100

10

​  

)  

2

 =8000(1.1)  

2

 =8000(1.21) =9680 Amount already paid in 2 years is(3200+1500)=4700 Therefore amount of loan outstanding at the beginning of third year will be(9680−4700)=4980