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      Question

      A borrows Rs 10000 from B at 20% p.a

      compound interest compounded annually. At the end of every year he pays Rs 5000 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. 4080 Correct Answer Incorrect Answer
      C Rs. 5012.58 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 = 10000 × 120% = Rs. 12000
      Rest amount = 12000 – 5000 = Rs. 7000
      At the end of 2nd year:
      Amount = 7000 × 120% = Rs. 8400
      Rest amount = 8400 – 5000 = Rs. 3400
      At the end of 3rd year:
      Amount = 3400 × 120% = Rs. 4080

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