Question

9. A man borrows ₹1500 at 3% per annum and pays back 500 after 3 years. How much does he still owe (including interest) ?​

Answer 1

1500*3/500*3*365

9855

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Answer 2

Answer:

Amount of one year

=200[1+ 1005 ]

=200× 2021

=210

∴ At the end of year he pays back Rs. 50. So the principal for the second year is Rs. 160.

∴ Amount of Second year

=160[1+ 1005]

=160× 2021

=168

∴ At the end of year he pays back Rs. 50.

So rest amount = 168 -50 = Rs. 118.

This amount is principal amount for third year.

∴ Amount of third year

=118[1+ 1005]

=118× 2021

=123.90

At the end of years he pays back Rs. 50.

So rest amount

=123.90−50=Rs.73.90

This amount is principal for fourth year.

∴ Amount of fourth year

=73.90[1+ 1005 ]

=73.90× 2021

=77.59

At the end of year he pays back Rs. 50.

So rest amount

=77.595−50=Rs.27.59

∴ At the end of fourth year he owes Rs. 27.59.

Step-by-step explanation:

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