Question

22 A man borrows Rs 8,000 at a compound interest rate of 10% per annum. If he repays Rs 1.500 at the
end of the first year and Rs 2,000 at the end of the second year, find his outstanding loan at the
beginning of the third year.
Saxena takes a loan of Rs 5,000 at the beginning of a vear at a compound interest rate of 121%​

Answer 1

Answer:

6100

Step-by-step explanation:

amount borrowed = 8000

interest rate =10%

interest to be paid = 1600 for 2 years

total amount to be paid = 8000+1600=9600

amoount he paid = 1500+2000=3500

outstanding loan at the beginning of 3rd year = 9600-3500=6100