a man borrows Rs 10,000 at a compound interest rate of 8% per annum. If he repays Rs 2,000 at the end of each year, find the sum outstanding at the end of the third year
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Answer:
at the end of 1st year
A=P (1+r/n)^nt
A=10000 (1+0.08)=Rs10800
after 2000 is paid
then P for 2nd year=10800-2000=Rs8800
at end of 2nd year
A=8800 (1+0.08)=Rs9504
after 2000 is paid
P for 3rd yeat=9504-2000=7504
A=7504 (1+0. 08)=Rs600.32
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