Question

A man borrows 8.000 at 10% compound interest payable every six months. He repays
+2.500 at the end of every six months. Calculate the third payment he has to make the
end of 18 months in order to clear the entire loan​

Answer 1

Answer:

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Step-by-step explanation:

For 1st year

P = Rs. 8000

R = 10%

T = 1 year

A = 8000 + 800 = Rs. 8800

For 2nd year

P = Rs. 8800

R = 10%

T = 1 year

Compound interest for 2nd years = Rs. 880