Question

A man borrows 6000 for 2 years at the rate of 12% p.a. compounded annually. He repays ₹3000 at the end of each year. How much does he still owe after the second repayment?

Answer 1

CI = P (1 + R/100)^t
= 6000 (1 + 12/100)^2
= 6000 (112/ 100)^2
= 6000 × 112/100 ×112/100
=6 × 112 × 112 /10
=7526.4
Money paid = 6000
Money remaining = 7526.4 -6000
= Rs 1526.4

Answer 2

ANSWER - 1166.40

11. A MAN BORROWS ₹6000 FOR 2 YEARS AT THE RATE OF 12% P.A. COMPOUNDED ANNUALLY. HE REPAYS ₹3000 AT THE END OF EACH YEAR. HOW MUCH DOES HE STILL OWE AFTER THE SECOND REPAYMENT?