Question

Mr britto borrowed rs 28000 for 2 years. The rate of interest for the successive years are 8% and 10% respectively. If he repays rs 5420 at the end of the first year, find the outstanding amount at the end of the second year

Answer 1

let principal=28000

time=2years

rate= 8% 10%

a=P(1+8/100) (1+10/100)

A=28000=(27/25)(11/10)

so, solve it