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Question

Ashok borrowed Rs.12,000 at some rate per cent compound interest. After a year, he paid Rs 4000. If compound interest for the second year be Rs.920, find:
The amount of debt at the end of the second year

Solution
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For 1st year:
Interest = Rs.120$$x$$ = Rs.1200
For 2nd year
Interest = Rs (80$$x$$ + 1.20$$x^2$$) = Rs.920
The amount of debt at the end of the second year is equal to the addition of principal of the second year and interest for the two years
Debt = Rs.8000 + Rs.1200 + Rs.920 = Rs.10,120

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