Question
A borrows Rs 6000 from B at 20% p.a
compound interest compounded annually. At the end of every year he pays Rs 2500 and at the end of 3rd years he pays all the amount, how much amount does he pay at the end of the 3rd year?Solution
At the end of the 1st year:
Amount = 6000 × 120% = Rs. 7200
Rest amount = 7200 – 2500 = Rs. 4700
At the end of 2nd year:
Amount = 4700 × 120% = Rs. 5640
Rest amount = 5640 – 2500 = Rs. 3140
At the end of 3rd year:
Amount = 3140 × 120% = Rs. 3768
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