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Mini Lalit Johal
Asked: 2022-10-30T15:20:20+05:30 In:

Manish borrows a sum of Rs 54000 at 10% pa compound interest. He repays a certain amount at the end of one year and the balance amount of Rs 32340 at the end of second year. What amount does he repay in the first year.


1. Rs 30000
2. Rs 24000
3. Rs 29400
4. Rs 34000
5. None of these

Manish borrows a sum of Rs 54000 at 10% pa compound interest. He repays a certain amount at the end of one year and the balance amount of Rs 32340 at the end of second year. What amount does he repay in the first year.


1. Rs 30000
2. Rs 24000
3. Rs 29400
4. Rs 34000
5. None of these
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1 Answer

  1. Correct Answer – Option 1 : Rs 30000

    Solution:

    Given: Sum Manish borrows = 54000

    Amount repaid by Manish at the end of second year = 32340

    Rate of interest = 10%

    Concept used: Amount at the end of second year = Amount at the end of first year {1 + (rate/100)}

    Calculation: Compound interest for first year = (54000 × 10)/100

    ⇒ 5400

    Amount at the end of first year = 54000 + 5400

    ⇒ 59400

    Let the amount repaid be Rs x

    Then, the sum at the beginning of the second year = 59400 – x

    Amount at the end of second year = (59400 – x) + [{(59400 – x) × 10}/100]

    ⇒ (59400 – x) + [{(59400 – x) × 10}/100] = 32340

    ⇒ 59400 – x + 5940 – 0.1x = 32340

    ⇒ 65340 – 1.1x = 32340

    ⇒ 1.1x = 65340 – 32340

    ⇒ 1.1x = 33000

    ⇒ x = 30000

    ∴ Amount repaid by Manish at the end of first year = 30000

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