Mr Ravi borrows rupees 16000 for 2 years the rate of interest for the two successive years are 10% and 12% respectively if he replaced rupees 5600 at the end of the first year find the amount outstanding at the end of the second year
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Outstanding amount at the end of the second year is 13440 rupees.
1) here we will calculate the interest for the first year because there is the rate of interest is 10% for the first year.
SI = prt/100
= 16000 × 10 × 1/100
= 1600
Amount = 17600.
2) now there is a one condition that 5600 is replaced means it is withdraw at the end of the first year so the principal amount for the second year is twelve thousand rupees only.
SI = prt/100
= 12000 × 12 × 1 / 100
= 1440
Amount = 13440 rs.
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