SOLUTION: please help me to solve this: A sum of rs24000 is lent out for 2 years at compound interest , the rates of interest being 10% for the first year and 12%for the second year. The bo

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Question 331910: please help me to solve this: A sum of rs24000 is lent out for 2 years at compound interest , the rates of interest being 10% for the first year and 12%for the second year. The borrower returns some money at the end of the first year and on paying rs12768 at the end of the second year the total debt is cleared.calculate the amount of returned at the end of the first year.
Answer by mananth(16946) About Me  (Show Source):
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please help me to solve this: A sum of rs24000 is lent out for 2 years at compound interest , the rates of interest being 10% for the first year and 12%for the second year. The borrower returns some money at the end of the first year and on paying rs12768 at the end of the second year the total debt is cleared.calculate the amount of returned at the end of the first year.
..
Amount at the end of 1 year = Principal + interest.
interest = 24000*1*10 / 100
interest = 2400
Amount at the end of 1 year = 24000+2400=26400
..
Interest for second year = 26400*12*1/100
=3168
Amount to be paid at the end of 2 years = 3168+ 26400= 29568
He returned Rs x at the end of 1 year
29568-x= 12768
x= 29568-12768= 16800
He paid Rs. 16,800 after 1 year