Question
Digvijay takes a loan of ₹25,000 at an annual compound
interest rate of 10%. He repays ₹4,000 at the end of each year. How much should he pay at the end of the third year to settle the remaining debt?Solution
Amount after 10% compound interest = 25000 + 2500 = 27,500 At the end of the first year he pays back 4000. Next year Principal will be =27,500 – 4000 = 23,500 Amount after 10% compound interest = 23500 + 2350 = 25,850 At the end of the second year he pays back 4000, next year Principal will be =25,850 – 4000 = 21850 At the end of third year, Amount after 10% compound interest = 21850 + 2185 = 24,035 So, he had to pay Rs. 24,035 at the end of third year to clear his debt.
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