A man borrows 5800 at 12% per annum compound interest. He repays ₹ 1800 at the end of every six months. Calculate the amount standing at the end of third payment. Give your answer to the nearest rupee.
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Answer:
questions.
A man barrows Rs.5000 at 12 percent compound interest payable every six months. He repays Rs.1,800 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 entire loan.
For 1
st
six months
P = Rs.5000, R =12% and T= year
∴ Interest =
2×100
5000×12×1
= Rs.300
And, Amount = Rs. 5,000 + Rs. 300 = Rs. 5,300
Since money repaid = Rs.1,800
Balance = Rs.5,300 - Rs.1,800 = Rs. 3,500
For 2
nd
six months
P = Rs.3,500, R =12% and T= year
∴ Interest =
2×100
3500×12×1
= Rs.210
And, Amount = Rs. 3,500 + Rs. 210 = Rs. 3,710
Again money repaid = Rs.1,800
Balance = Rs.3,710 - Rs.1,800 = Rs. 1,910
For 3
rd
six months
P = Rs.1,910, R =12% and T= year
∴ Interest =
2×100
1910×12×1
= Rs.114.60
And, Amount = Rs. 1,910 + Rs. 114.60 = Rs. 2,024.60
Thus, the 3rd payment to be made to clear the entire loan is 2,024.60.
Answer:
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