Mr. Ravi borrows ₹ 16,000 for 2 years. The rate of interest for the two successive
years are 10% and 12% respectively. If he repays ₹ 5,600 at the end of first year, find the amount outstanding at the end of the second year.
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Answer:
P=Rs.16,000, T=2yrs, R=10% and 12% p.a
For 1st yr:
16000 X 1 X10 ÷ 100 = 1600
Amount = 16000 + 1600 = 17,600
He repays 5600 at the end of 1st yr
Therefore, 17,600 - 5600 = 12000
New Principal = 12000
For 2nd yr,
Interest = 12000 X 1 X 12 ÷ 100 = 1440
Amount = 12000 + 1440 = 13440
Therefore, the amount outstanding for the 2nd yr is = Rs. 13,440
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