gautam takes a loan of rs. 16000 for 2 years at 15% p.a. compound interest. he repays rs. 9000 at the end of the first year. how much must he pay at the end of second year to clear the debt?
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Step-by-step explanation:
Loan taken (P) = ₹ 16000
Rate (R) = 15% p.a.
Time (T) = 2 years
∴ Interest for the first year = P×R×T / 100
= 16000×15×1 / 100
= ₹ 2400
Amount After one year = ₹16000 + 2400
= ₹ 18400
At the End of one year Amount paid back
= ₹ 9000
Balance Amount = ₹ 18400 – 9000
= ₹ 9400
Interest for the second year = 9400×15×1 / 100
= ₹ 1410
Amount After second year = ₹ 9400 + 1410
= ₹ 10810
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