Question

A man borrows ₹6000 at 5%compound interest. If he repays₹1200 at the end of each year,find the amount outstanding at the beginning of the third year? (hint = answer is ₹4155​

Answer 1

Answer:

₹ 4155

Step-by-step explanation:

After 1st year = 6000 × 105 / 100

= ₹ 6300

Money back = ₹6300-₹1200

= ₹ 5100

After 2nd year = 5100 × 105 / 100

= ₹ 5355

Money back = ₹5355-₹1200

= ₹ 4155

Principal for 3rd year = ₹ 4155

Answer 2

Answer:

he will still have 2700 to pay

Step-by-step explanation:

he first want to cover 5% interest which is 300

then he should pay 6300

so 1200 each year is 3600 in 3 years

so we do 6300-3600= 2700

so he jave 2700 left to pay at the third year

hope that help