Question

A man borrow$5,000 at 12 present compound interest. payable every six months. He repays$ 1,800 at the third payment he has to make at the end of 18 months in order to clear the entire loan.

Answer 1

Answer:

For first year,

P = 5000

R =12%

T = 1/2 year

I = PTR/100

I = 5000×12×1/100×2

I =300

A = P + I

A = 5000+ 300

A = 5300

Man repaid = 5300 - 1800

= 3500

For next six month,

P = 3500

R = 12 %

T = 1/2

I = PTR/100

= 3500 × 12 ×1 / 100×2

= 210

A = P + I

= 3500+ 210

=3710

Man repaid= 3710- 1800

=1910

For last six month,

P= 1910

R = 12

T = 1/2

I = PTR/100

= 1910 × 12 ×1 / 100 ×2

= 114.6

A = P + I

= 1910+ 114.6

= 2024.6

Man need to pay 2024.6 to clear the entire loan

Answer 2

Answer:

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