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      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?
      A Rs. 4513.75 Correct Answer Incorrect Answer
      B Rs. 7272 Correct Answer Incorrect Answer
      C Rs. 1805.76 Correct Answer Incorrect Answer
      D Rs. 3800 Correct Answer Incorrect Answer
      E Rs. 4224 Correct Answer Incorrect Answer

      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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