Question
A borrows Rs 4000 from B at 20% 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 = 4000 × 120% = Rs. 4800
Rest amount = 4800 – 1500 = Rs. 3300
At the end of 2nd year:
Amount = 3300 × 120% = Rs. 3960
Rest amount = 3960 – 1500 = Rs. 2460
At the end of 3rd year:
Amount = 2460 × 120% = Rs. 2952
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