Answer:
sum of Rs. 24,000 is lent out for 2 years at compound interest, the rate of interest being 10% per year. The borrower returns some paying at the end of the first year and on paying Rs. 12,540 at the end of the second year the total debt is cleared. Calculate the amount of money returned at the end of the first year.
Medium
Step-by-step explanation:
Amount at the end of 1 year=Principal+Interest
Interest=
100
PRT
=
100
24000×1×10
=Rs.2400
∴Amount at the end of 1 year=24000+2400=Rs.26400
Interest for the 2 year=
100
26400×10×1
=Rs.2640
Amount at the end of 2 year=26400+2640=Rs.29040
Let he return Rs.x at the end of first year
∴29040−x=12540
⇒x=29040−12540
⇒x=Rs.15000