Jaya borrowed Rs. $50, 000$ for $2$ years. The rates of interest for two successive years are $12 %$ and $15 %$ respectively. She repays Rs. $33, 000$ at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.

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Solution

Total Amount borrowed by Jaya $=$ Rs. $50, 000$
let us first calculate the interest on that amount in the first year
$I n t e r e s t = \frac{P r i n c i p l e \times T i m e \times R a t e}{100}$
Interest= $\frac{50000 \times 1 \times 12}{100}$
Interest $=$ Rs $6000$

So,Jaya has to pay an interest of Rs. $6, 000$ by the end of the first year.
But she has paid an amount of Rs. $33, 000$

So,she has cleared a debt of $R s .33, 000 - R s .6, 000 = R s .27, 000$

Remaining debt of Jaya $=$ $R s .50, 000 - R s .27, 000 = R s .23, 000$
By the end of the second year she has to pay an interest for an amount of Rs.23,000

Interest $=$ $\frac{23, 000 \times 1 \times 15}{100}$
Interest $= R s .3, 450$
So the total amount she has to pay to clear her debt= Amount+Interest
$= R s .23, 000 + R s .3, 450$
$= R s .26, 450$
So, Jaya has to pay a total amount of Rs.26,450 to clear her debt

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Jaya borrowed Rs. 50,000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays Rs. 33,000 at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.

Jaya borrowed Rs. $50, 000$ for $2$ years. The rates of interest for two successive years are $12 %$ and $15 %$ respectively. She repays Rs. $33, 000$ at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.