mayank needs money for his business. so, he decides to take the loan from bank. he borrows rs 25000 at 8% p.a. for 3 years. at the end of 3 years he pays rs 19000 and a video camera. what is the value of the video camera? also find the total amount he has to pay back to the bank after 3 years.
help pleaseeeeeeeee :(
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From question, we have
Principal = Rs. 25000, Amount = Rs. 31000, Time =2 years
∴ S.I. = Rs. 31000− Rs. 25000= Rs. 6000
Rate =
25000×2
6000×100
=12% p.a.
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