A man barrows Rs 100000 at 11% compound interest per annum. He repays Rs 41000 at the end of the 1st year and Rs 47700 at the end of the 2nd year. Calculate the third payment he has to make at the end of third year in order to clear the entire loan.
Answers
Answer:
Step-by-step explanation:
begin mathsize 16px style Principle equals Rs. space 100000
straight r equals 11 percent sign space compounded space annually
Interest space after space 1 space year equals fraction numerator 100000 cross times 11 cross times 1 over denominator 100 end fraction equals Rs. space 11000
Total space after space 1 space year equals 100000 plus 11000 equals Rs. space 111000
Rs. space 41000 space paid space amount
Total space outstanding space after space 2 space year equals 111000 minus 41000 equals Rs. space 70000
Interestafter space 2 space year equals fraction numerator 70000 cross times 11 over denominator 100 end fraction equals Rs. space 7700
Total space after space 2 space year equals 70000 plus 7700 equals Rs. space 77700
Rs. space 47700 space paid
Outstanding space at space the space starting space of space 3 space year equals 77700 minus 47700 equals Rs. space 30000 end style