Question
A borrows Rs 8000 from B at 15% 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 = 8000 × 115% = Rs. 9200
Rest amount = 9200 – 1500 = Rs. 7700
At the end of 2nd year:
Amount = 7700 × 115% = Rs. 8855
Rest amount = 8855 – 1500 = Rs. 7355
At the end of 3rd year:
Amount = 7355 × 115% = Rs. 8458.25
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