A man borrows 10000 at 12% per annum compound interest. if he repays 3200 at the end of first year and rs 3960 at the end of second year find amount of the loan outstanding at the beginning of third year
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Amount to be paid at the end of two years will be =Amountafter2years=8000(1+
100
10
)
2
=8000(1.1)
2
=8000(1.21) =9680 Amount already paid in 2 years is(3200+1500)=4700 Therefore amount of loan outstanding at the beginning of third year will be(9680−4700)=4980
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