A man borrows 6,000 at 5% per annum compound interest. If he repays 1200 at the end of each year, find the amount of loan outstanding at the beginning of the third year.
Answers
Answered by
0
Answer:
1,200 = Rs. 4,155. Hence, the amount of the loan outs tan ding at the beginning of the third year is Rs. 4,155.
Answered by
3
Answer:
P=6000 per month , R=5%
After 1 year
Interest=
100
PRT
=
100
6000×5×1
=300
New principle will be 6000+300=6300 but Rs 1200 was repaid
⟹P
′
=6300−1200=5100
After 2 years
Interest=
100
P
′
RT
=
100
5100×5×1
=255
Principle for 3
rd
year =5100+255=5355 but again Rs 1200 was repaid
∴ Outstanding =5355−1200
=4155
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