Question

A man borrowed Rs 3000 at 8% per annum interest. At the end of any years he repaid Rs 1200 partly as interest for the first year and partly to reduce the debt. At the end of second year he paid Rs 1300. 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

Solution :-

→ Principal for 1st year = Rs.3000

→ Rate = 8% per annum .

so,

→ Interest paid after 1st year = (P * R * T) / 100 = (3000 * 8 * 1)/100 = Rs.240 .

then,

→ Amount after 1 year = P + SI = 3000 + 240 = Rs.3240 .

now,

→ He repaid = Rs.1200 .

so,

→ Amount left = 3240 - 1200 = Rs.2040

now,

→ Principal for 2nd year = Rs.2040

→ Rate = 8% per annum .

so,

→ Interest paid after 2nd year = (P * R * T) / 100 = (2040 * 8 * 1)/100 = Rs.163.2

then,

→ Amount after 2nd year = P + SI = 2040 + 163.2 = Rs.2203.2

now,

→ He repaid = Rs.1300 .

so,

→ Amount left = 2203.2 - 1300 = Rs.903.2

again,

→ Principal for 2nd year = Rs.903.2

→ Rate = 8% per annum .

so,

→ Interest paid after 3rd year = (P * R * T) / 100 = (903.2 * 8 * 1)/100 = Rs.72.256

therefore,

→ Amount to be paid to clear the debt = 903.2 + 72.256 = Rs.975.46 (Ans.)

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Answer 2

Answer:

Step-by-step explanation: