Question
A borrows Rs 5500 from B at 20% p.a
compound interest compounded annually. At the end of every year he pays Rs 2000 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 = 5500 × 120% = Rs. 6600
Rest amount = 6600 – 2000 = Rs. 4600
At the end of 2nd year:
Amount = 4600 × 120% = Rs. 5520
Rest amount = 5520 – 2000 = Rs. 3520
At the end of 3rd year:
Amount = 3520 × 120% = Rs. 4224
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