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?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
More Simple and compound interest Questions
Justice Revati Mohite Dere was sworn in as the first woman Chief Justice of which High Court?Â
Who won the Belgian Grand Prix after George Russell's disqualification?
- Which Indian state became the top recipient of Foreign Direct Investment (FDI) in FY25?
In which river will India’s first solar-powered boat be launched?
Which entity recently launched the second international banking centre in Chennai to cater to the financial needs of global Indians?
Who won the Prime Minister election in Mauritius on November 11, 2024?
Which state recently joined the Ayushman Bharat PM-JAY scheme?
- Which central agency approved the River Cities Alliance (RCA) master plan?
Government has advanced the target of 20% ethanol blending in petrol from earlier 2030 to ______.
REC Limited has signed an agreement with which organization to aid in the education of approximately 75,500 children in the Siddharthnagar, UP?
