Question

2. A man borrows Rs 10,000 at a compound interest rate of 8% per annum. If he repays Rs 2,000 at the end of each year, find the sum outstanding at the end of the third year. ​

Answer 1

Answer:

sorry I don't know it's answer

Step-by-step explanation:

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Answer 2

at the end of 1st year

A=P (1+r/n)^nt

A=10000 (1+0.08)=Rs10800

after 2000 is paid

then P for 2nd year=10800-2000=Rs8800

at end of 2nd year

A=8800 (1+0.08)=Rs9504

after 2000 is paid

P for 3rd year = 9504-2000=7504

A=7504 (1+0. 08)=Rs600.32