Question

22. A man borrows 5000 from a bank at 8% per annum
compound interest. At the end of every year he pays
1000 as a part payment of loan and interest. How much
does he still owe to the bank after 3 such instalments ?
(a) * 3052.16
(b) 3442.20
(c) 3616.84
(d) 3824.40

Answer 1

Answer:

Option(A). Your Options are wrong

Step-by-step explanation:

P = 5000, R = 8%, Time = 1 year.

SI = PTR/100

=> (5000 * 1 * 8)/100

=> 400

Amount at the end of first year = P + SI = 5000 + 400 = 5400.

Amount at the end of first year payment of 1000.

=> 5400 - 1000

=> 4400

now,

SI = PTR/100

=> (4400 * 8 * 1/100)

=> 352

Amount at the end of second year = 4400 + 352 = 4752.

Amount at the end of second year after payment

=> 4752 - 1000

=> 3752

Amount at the end of third year,

=> 3752 + (3752 * 8 * 1/100)

=> 3752 + 300.16

=> 4052.16

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