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      Question

      A borrows Rs 6500 from B at 20% p.a

      compound interest compounded annually. At the end of every year he pays Rs 1500 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?
      A Rs. 4513.75 Correct Answer Incorrect Answer
      B Rs. 7272 Correct Answer Incorrect Answer
      C Rs. 3768 Correct Answer Incorrect Answer
      D Rs. 3800 Correct Answer Incorrect Answer
      E Rs. 4235 Correct Answer Incorrect Answer

      Solution

      At the end of the 1st year:
      Amount = 6500 × 120% = Rs. 7800
      Rest amount = 7800 – 1500 = Rs. 6300
      At the end of 2nd year:
      Amount = 6300 × 120% = Rs. 7560
      Rest amount = 7560 – 1500 = Rs. 6060
      At the end of 3rd year:
      Amount = 6060 × 120% = Rs. 7272

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