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    Question

    A borrows Rs 9000 from B at 30% p.a

    compound interest compounded annually. At the end of every year he pays Rs 3500 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 = 9000 × 130% = Rs. 11700
    Rest amount = 11700 – 3500 = Rs. 8200
    At the end of 2nd year:
    Amount = 8200 × 130% = Rs. 10660
    Rest amount = 10660 – 3500 = Rs. 7160
    At the end of 3rd year:
    Amount = 7160 × 130% = Rs. 9308

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