A man borrows 5000 rupees at 12 percent compound interest payable every six months. He repays 1800 rupees at the end of every six months. Calculate the third payment he has to make at the end of 18 months in order to clear the entair loan
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Step-by-step explanation:
Principal for the first six months = Rs.5000.
Interest for the first six months = Rs.(5000 × 6 × 1)/100 = Rs.300.
Amount after six month = Rs.5000 + Rs.300 = Rs.5300.
Money refunded after six months = Rs.1800.
Principal for the second six months = Rs.5300 – Rs.1800 = Rs.3500.
Interest for the second six months = Rs.(3500 × 6 × 1)/100 = Rs.210.
Amount after second six months = Rs.3500 + Rs.210 = Rs.3710.
Money refunded after second six months = Rs.1800.
Principal for the third six months = Rs.3710 – Rs.1800 = Rs.1910.
Interest for the third six months = Rs.(1910 × 6 × 1)/100 = Rs.114.60.
Hence payment he has to make after 18 months to clear the entire loan
= Rs.1910 + Rs.114.60 = Rs.2024.60
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