raju lends 8000rs to john at the si rate of 10% for 2 years and 10000 rs to rahim at the ci rate of 10%for 2 years . find the sum of money both wil return to raju after 2 years to repay the loan. also find who will pay more and by how much
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Answer:Money he borrows = 8000
Interest he will pay = 1360
Total money he will pay after = 8000 + 1360 = 9360
Now he will pay in 12 installments with a difference of 40 in each installment.
This is a form of AP,
where common difference d = -40, number of terms n = 12, and sum of 12 terms is 9360
So,
Sum of n terms in AP is
Sum = n/2 [ 2a + (n - 1)d ]
9360 = 12/2 [ 2a - 40(12 - 1) ]
9360 = 6 [ 2a - 440 ]
1560 = 2a - 440
2a = 2000
a = 1000
nth term in AP is given by:
a(n) = a + (n - 1)d
Last term = 1000 - 40(12 - 1)
=1000 - 440 = 560
Hope it helps you
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