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Question

# Dubey borrows Rs 1,00,000 from the State Bank of India at 11% p.a. compound interest. He repays Rs 41,000 at the end of the first year and Rs47,700 at the end of the second year. Find the am not outstanding at the beginning of the third year.

Hint:

### Find the interest every year, add it with the principal amount to get total amount and from that

subtract the repaid amount every year.

## The correct answer is: 30000 Rupees

### Complete step by step solution:

Money borrowed by Dubey at 11% compound interest, that is = Rs 100000

For first year,

We know that compound interest = Total amount - principal amount that is, CI = A - P…(i)

Here we have …(ii)

Here, we have T = 1 years, P = 100000 , R = 11% and A = ?

On substituting the known values in (ii), we get

On substituting the known values in (i), we get

Rs

Thus total amount after 1 year = 100000 + 11000 = 111000 Rupees.

Money repaid = Rs 41000

∴ Balance = 111000 - 41000 = 70000 Rupees.

For second year,

Here, we have T = 1 years, P = 70000 , R = 11% and A = ?

On substituting the known values in (ii), we get

On substituting the known values in (i), we get

Rs

Thus total amount after 1 year = 70000 + 7700 = 77700 Rupees.

Money paid at the end of second year by Dubey = Rs 47700

∴ Loan at the beginning of third year = 777000 - 47700 = Rs 30000

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