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Mohan took a loan of 10,000 at 20 % p.a. compound interest (compounded annually). At the end of each
year he pays back 35,000. How much should he pay at the end of third year to clear all the dnes?
o 4.260
0 5,020
521993116046
5219931160 46
o * 4,080
25,000
131160 46
5219931160 46
5219931169.46
Answers
Given : Mohan took a loan of 10,000 at 20 % p.a. compound interest (compounded annually).
At the end of each year he pays back 5,000.
To Find : How much should he pay at the end of third year to clear all the dues
Solution:
Amount 10000
interest for 1st year = (20/100)10000 = 2000
Paid = 5000
Remaining amount = 10000 + 2000 - 5000 = 7000
Interest for 2nd year = (20/100) 7000 = 1400
Paid = 5000
Remaining amount = 7000 + 1400 - 5000 = 3400
Interest for 3rd year = (20/100)3400 = 680
Amount to be paid = 3400 + 680 = 4080
Hence 4080 to be paid at the end of 3rd year
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