New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    A borrows Rs 5000 from B at 8% 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. 2272 Correct Answer Incorrect Answer
    B Rs. 1805.76 Correct Answer Incorrect Answer
    C Rs. 4513.75 Correct Answer Incorrect Answer
    D Rs. 3800 Correct Answer Incorrect Answer
    E Rs. 4235 Correct Answer Incorrect Answer

    Solution

    At the end of the 1st year: Amount = 5000 × 108% = Rs. 5400 Rest amount = 5400 – 2000 = Rs. 3400 At the end of 2nd year: Amount = 3400 × 108% = Rs. 3672 Rest amount = 3672 – 2000 = Rs. 1672 At the end of 3rd year: Amount = 1672 × 108% = Rs. 1805.76

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