Question

A man borrow 6000 at 12℅ compound onterst . He repays rs. 1800 at the end of every six months. Calculate the amount standinding at the end of third payemnt

Answer 1

Explanation:

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