Question

4) Azhar borrows a
borrows a sum of £64000 at 5% p.a compound interest. He
repays a certain amount at the end of one year
of £35700 at the end of
of the end
amount does he
repay in the first year?


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Answer 1

Answer:

Now at the end of first year amt due was =64000(1.05)=67200. ... He repays a certain amount at the end of one year and the balance amount of Rs. 35700 at  

35700=x(1+.05) or x=35700/1.05=34000. So second year begins with this amt. Now at the end of first year amt due was=64000(1.05)=67200.

Step-by-step explanation:

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Answer 2

Answer:

35700=x(1+.05) or x=35700/1.05=34000. So second year begins with this amt. Now at the end of first year amt due was=64000(1.05)=67200. Hence he has paid 67200–34000=33200at the end of first year. Here we have assumed that no interest is payable on amt already repaid