8,000 is lent out at 7% compound interest
for 2 years. At the end of the first year
3,560 are returned. Calculate :

Question

8,000 is lent out at 7% compound interest
for 2 years. At the end of the first year
3,560 are returned. Calculate :
(i) the interest paid for the second year.
(ii) the total interest paid in two years
iii) the total amount of money paid in two
years to clear the debt.​

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Iris 3 months 2021-07-21T02:48:07+00:00 1 Answers 0 views 0

Answers ( )

    0
    2021-07-21T02:49:18+00:00

    Answer:

    solution, principal =8000

    rate=7%

    time=2years

    in first year

    ci=(p(1+r/100)^t-1)

    =(8000(1+10/100)^1-1)

    =8000×0.1

    =800

    returned money=3560

    8000-3560

    =4440

    second year

    ci=(p(1+r/100)^t-1)

    =4440×0.1

    =444

    total interest paid in two years =800+444

    =1244

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