jaya borrowed ₹50000 for 2 years. the rates of interest for two successive years are 12% and 15% respectively. she pays ₹33000 at the end of the first year. find the amount she must pay at the end of the second year to clear her debt
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For 1st year , Amount=₹50,000=P, Time=T=1 year and Rate=12% . Simple Interest obtained=P*R*T/100 =50000*12*1/100 =₹6000. Amount after one year =₹50000+ ₹6000=₹56000. Amount paid by jaya at end of first year= ₹56000-₹33000=₹23000. Rate=15% p.a.=R and time =T=1year . Amount to be paid at end of second year=₹23000 +₹23000*15*1/100 =₹23000+₹3450=₹26450.
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