A man borrows * 10,000 at 5% per annum
compound interest. He repays 35% of the
sum borrowed at the end of the first year and
42% of the sum borrowed at the end of
the second year. How much must he pay at the
end of the third year in order to clear the debt?
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Answer:
4156,425 on the third year
Step-by-step explanation:
10000×1,05 in one year debt, = 10500.
Repays 35%.
100-35=65% left.
0,65×10500= 6825.
Then in the second year there is once again an interest at 5%.
6825×1,05= 7166,25.
He then repays 42%.
100-42=58% left.
0,58×7166,25= 4156,425.
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