Mr. Sharma took a loan of Rs 10000 from SBI at the rate of 10% p.a
compounded annually Find the amount and the compound interest after 3
years
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Answer:
Let the term borrowed by Mr. sharma =x
at 10% per annum for 2 years
Amount =x(1+
100
10
)
2
=
100
121x
he than pays back 19360 Rs
⇒ Money left =
100
121x
−19360
Name with interest in 3rd year at 10% annum.
Amount =(
100
121x
−19360)(
10
11
)=31944
⇒(
100
121x
−19360)(
10
11
)=31944
⇒
100
121x
−19360=
11
31944×10
=29040
⇒
100
121x
=19360+29040=48400
⇒x=
121
48400×100
=40000 Rs
⇒ Sum borrowed =40000 Rs
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