Question

A man borrows Rs. 10000 at 12% per annum compound interest. If he repays Rs.3200 at the end of first year and Rs.3960 at the end of the second year, find the amount of loan
outstanding at the beginning of the third year.
please answer properly

Answer 1

Answer:4980

Step-by-step explanation:

Amount to be paid at the end of two years will be =Amountafter2years=8000(1+

100

10

)

2

=8000(1.1)

2

=8000(1.21) =9680 Amount already paid in 2 years is(3200+1500)=4700 Therefore amount of loan outstanding at the beginning of third year will be(9680−4700)=4980

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Answer 2

Answer:

answer is 4980

Step-by-step explanation:

Amount to be paid at the end of 2 years will be = Amount after 2 years =8000 ( 1+ 100 + 10)

2

=8000 ( 1.1) × 2

= 8000 ( 1.21) = 9680 already paid in 2 years = (32000 + 1500) = 4700

therefore amount paid of loan outstanding at beginning of 3 years will be = (9680 - 4700) = 4980