Mr. Chatterjee borrowed Rs 50,000 in compound interest from Mr. P… - Vidyadip

Question

Mr. Chatterjee borrowed Rs 50,000 in compound interest from Mr. Patel for 2 years when the rates of interest for the successive years were $7 \frac{1}{2} \%$ and $9 \frac{1}{4} \%$. If Mr. Chatterjee returned Rs 27,750 at the end of the first year, find the amount he needs to return at the end of the seoond year to clear the loan.

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Answer

$P=$ Rs. $50,000, R=7 \frac{1}{2} \%$ p.a. $=\frac{15}{2} \%$ p.a.
$ \text { Interest for first year }$
$=\frac{\operatorname{Rs} 50000 \times \frac{15}{2} \times 1}{100}$
$=\frac{\operatorname{Rs} 50000 \times 15 \times 1}{2 \times 100}$
$=\operatorname{Rs} 3,750 $
Amount due after 1 st year
$ \text { =Rs. } 50,000+\text { Rs. } 3,750=\text { Rs 53,750 } $
Amount paid after 1 st year $=$ Rs. 27,750
Balance amount= Rs. 53,750 - Rs. $27,750=$ Rs. 26,000
Interest for second year when $r=9 \frac{1}{4} \%$ p.a. $=\frac{37}{4} \%$ p.a.
$ =\frac{\operatorname{Rs} 26000 \times \frac{37}{4} \times 1}{100}$
$=\frac{\operatorname{Rs} 26000 \times 37 \times 1}{4 \times 100}$
$=\text { Rs 2, } 405 $
Amount due after 2 nd year
$=$ Rs. $26,000+$ Rs. $2,405=$ Rs 28,405
Mr. Chatterjee has to return Rs 28,405 to Mr. Patel at the end of second year to clear his loan.

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