I WILL MARK BRAINLIEST THOSE WHO SOLVE THIS. Please explain too.
A man borrowed a sum of money and agrees to pay off by paying 6300 at the end of the first year and 8820 at the end of the second year. If the rate of compound interest is 5% per annum, find the sum borrowed.
Answers
Answered by
1
Answer:
Let the amount borrowed, Principle = P
Amount After 1 year
A= P(1+\dfrac{5}{100} )= P(1+\dfrac{1}{20} ) = \dfrac{21}{20} P
Amount payoff at the end of one year = Rs. 6300
Principle of the second year =\dfrac{21}{20} P- 6300
Amount for the second year
Step-by-step explanation:
Similar questions