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A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year?
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A farmer takes a loan of 45,000 at 15% per annum to instal a pump in h...
Loan Details:
- Principal amount: $45,000
- Annual interest rate: 15%

Year 1:
- At the end of the first year, the farmer pays back $15,000 to the bank along with the interest due.
- To calculate the interest due at the end of the first year, we use the formula:
Interest = Principal × Rate × Time

Calculating Interest for Year 1:
- Principal = $45,000
- Rate = 15% = 0.15
- Time = 1 year

Interest = $45,000 × 0.15 × 1 = $6,750

Total Amount Paid at the end of Year 1:
- The farmer pays back $15,000 to the bank along with the interest due, which is $6,750.
- Therefore, the total amount paid at the end of Year 1 is $15,000 + $6,750 = $21,750.

Year 2:
- At the end of the second year, the farmer pays back the balance amount to the bank.
- To calculate the balance amount, we subtract the total amount paid at the end of Year 1 from the principal amount.

Calculating Balance Amount:
Principal amount = $45,000
Total amount paid at the end of Year 1 = $21,750

Balance amount = Principal amount - Total amount paid at the end of Year 1
Balance amount = $45,000 - $21,750 = $23,250

Total Amount Paid at the end of Year 2:
- The farmer pays back the balance amount of $23,250 to the bank at the end of the second year.

Conclusion:
- At the end of the 2nd year, the farmer pays $23,250 to the bank.
- The total amount paid by the farmer to the bank includes the initial payment of $15,000 at the end of the first year and the balance amount of $23,250 at the end of the second year.
- Therefore, the farmer pays a total of $15,000 + $23,250 = $38,250 to the bank at the end of the 2nd year.
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A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year?
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