A man borrows Ks. 4000 at 8% per annum on compound interest. At the end of every year he pays Ks. 1500 as part payment of loan and interest. How much does he still own to the bank after 3 such annual payments?
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Answer:
Description for Correct answer:
Amount remaining after 1 yr = 4000 (1+7.5100)−1500
= Rs.2800
2yr = 2800 (1+7.5100)−1500
= Rs.1510
3yr = 1510 (1+7.5100)−1500
= Rs. 123.25
Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest
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Step-by-step explanation:
Amount remaining after 1yr =4000
(1+7.5100)-1500
=Rs. 2800
2y =2800(1+7.5100)-1500
=Rs.1510
3yr = 1510(1+7.5100)-1500
=Rs. 123.25
Hence proved
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