Mr. Ram borrows 20,000 for 2 years compounded annually. The rate of interest for the two successive years are 9% and 10% respectively. If he repays1,200 at the end of first year, 1,660 at the end of second year, find theamount outstanding at the beginning of the third year.

Mr. Ram borrows 20,000 for 2 years compounded annually. The rate of

1.	Mr. Ram borrows 20,000 for 2 years compounded annually. The rate of interest for the two successive years are 9% and 10% respectively. If he repays1,200 at the end of first year, 1,660 at the end of second year, find theamount outstanding at the beginning of the third year.
Answer» CI on FIRST year is 20000x9/100= 1800Hans he PAYS 1200. i.e. remaining AMOUNT = 20000+1800-1200= 20600CI for 2ND year=20600x10/100= 2060total OUTSTANDING= 2060+20000= 22060

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Mr. Ram borrows 20,000 for 2 years compounded annually. The rate of interest for the two successive years are 9% and 10% respectively. If he repays1,200 at the end of first year, 1,660 at the end of second year, find theamount outstanding at the beginning of the third year.​

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Mr. Ram borrows 20,000 for 2 years compounded annually. The rate of interest for the two successive years are 9% and 10% respectively. If he repays1,200 at the end of first year, 1,660 at the end of second year, find theamount outstanding at the beginning of the third year.