If Pawan borrowed an amount of ₹14000 from Rahul with simple interest rate of 8%per annum for 2 years. What extra money should he pay if this sum is compounded with same interest rate and time period?
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A man borrowed Rs. 40,4000 at 8% simple interest per year. At the end of second year he paid back certain amount and at the end of fifth year he paid back certain amount and at the end of fifth year he paid back Rs. 95960 and cleared the debt. What is the amount that he paid back after the second year?
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ANSWER
For the first two years,
Amount =40000+
100
40000×8×2
=40000+6400= Rs. 46400
Let x be the principal for the last 3 years.
Then, x+
100
x×8×3
=35960
⇒x+
25
6x
=35960
⇒
25
25x+6x
=35960
⇒
25
31x
=35960
⇒x=
31
35960×25
= Rs. 29000
∴ Amount paid back after the second year = Rs. 46400− Rs. 29000= Rs.17400.
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Step-by-step explanation:
If Pawan borrowed an amount of Rs.14,000 from Rahul with simple interest rate of 8% per annum for 2 years. What extra money should he pay if this sum is compounded with same interest rate and time period?