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Q2 Find the balance on Oct 29th of same year.
Solution:
Opening Borrowed | 2000 | |
Interest upto Aug 30 | 20.055 | 2000*0.06*(31+30)/365 |
Total Amount Due as on Aug 30 | 2020.055 | 2000 + 20.055 |
Amount Repaid on Aug 30 | 500 | |
Amount Outstanding as on Aug 30 | 1520.055 | 2020.055 - 5000 |
Interest upto Sept 29 | 7.496 | 1520.055*0.06*(30)/365 |
Total Amount Due as on Sept 29 | 1527.551 | 1520.055 + 7.496 |
Amount Repaid on Sept 29 | 600 | |
Amount Outstanding as on Sept 29 | 927.551 | 1527.551 - 600 |
Interest upto Oct 29 | 4.422 | 927.551*0.06*(29)/365 |
Total Amount Due as on Oct 29 | 931.973 | 927.551 + 4.422 |
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