Question

A man borrows rs.10,000 at 10%

c.I. Compounded yearly. At the end of each year, he pays back 30% of the sum borrowed. How much money is left unpaid just after 2nd year?

Answer 1

Here is your answer in the attachment

Hope it helps you

Answer 2

Answer:

     Rs. 6,100

Step-by-step explanation:

Here is the compound interest formula:

  A = P (1 + r/n) ^ (nt)

Where A is the total amount accrued in t years. P is the principal amount, the amount deposited. r is the Interest rate (in decimal) and n is the number of times the interest is compounded per year.

Calculating the compounded amount in the 2 years.

P = 10,000

r = 10/100 = 0.1

n = 1

t = 1

Amount to be paid back in the first year:

A = P (1 + r/n) ^ (nt)

A = 10,000 ( 1 +  0.1/1) ^ (1×2)

   = 10,000( 1.1)²

   = 10000 × 1.21

   = rs. 12100

The Amount to be paid after 1 year is rs. 12100

If he is paying 30% of the sum borrowed, this is the amount of the money he pays after each year:

30% of 10000

30/100 × 10,000 = 3,000

Since the money is compounded yearly, each year he pays 3,000

Therefore at the end of two years he pays 3,000 × 2 = 6,000

Therefore money left unpaid:

12100 - 6000  = rs. 6,100

Therefore the amount left unpaid after the end of 2 years is rs. 6,100