Question

6. A man borrowed Rs.3000 at 8%. p.a. interest
. At the
end of any year he repaid Rs. 1,200 partly as
interest for the first year and partly to reduce the
debt. At the end of the second year he paid Rs. 1,300.
Find the sum he should pay at the end of the third
year to meet the interest and to clear off the debt.​

Answer 1

Answer:

The sum he should pay at the end of the third year to meet the interest and to clear off the debt is 4155.

Step-by-step explanation:

From the above question,

They have given : A man borrowed Rs.3000 at 8%. p.a. interest

At the end of any year he repaid Rs. 1,200 partly as interest for the first year.

This will be partly to reduce thedebt. At the end of the second year he paid Rs. 1,300.

P1 = 1,200  ,

P2 = 1,300  ,  

P = 6,000

Here we need to find the sum he should pay at the end of the third

year to meet the interest and to clear off the debt.​

After 1 year

Interest = $\frac{PRT}{100}$

            = $\frac{6000*5*1}{100}$

            =300

New principle will be 6000+300=6300 but Rs 1200 was repaid

P′=6300−1200=5100

After 2 years

Interest = $\frac{P'RT}{100}$

            =5100×5×1 / 100

            =255

Principle for 3rd year =5100+255=5355 but again Rs 1200 was repaid

∴ Outstanding = 5355−1200

                         = 4155

Hence, The sum he should pay at the end of the third year to meet the interest and to clear off the debt is 4155.

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