Question

A man borrows rs 3000 at 10 compound rate of interest. At the end each year he pays back rs 1000. How much amountshouldhe pay at the end of the third year to clear all his dues??

Answer 1

Answer:

683

Step-by-step explanation:

Given A man borrows rs 3000 at 10 compound rate of interest. At the end each year he pays back rs 1000. How much amount should he pay at the end of the third year to clear all his dues??

Now let us calculate from first year

So after one year amount will be = 3000 x 110 / 100

                                                     = 3300

 he pays Rs 1000 at the end of each year,

  So amount will be 3300 - 1000 = Rs 2300

After two years amount will be = 2300 x 110 / 100 = 2530

 Again he pays 1000, so amount will be 2530 - 1000

                                                   = Rs 1530

Now for 3 years, amount will be 1530 x 110 / 100

                                                = Rs 1683

 he pays 1000 , so remaining amount will be

                                            = Rs 1683 - 1000

                                   = Rs 683

So amount he should  pay at the end of the third year to clear all his dues will be Rs 683

Answer 2

Answer:

680

Step-by-step explanation:

3000×10×1000÷100

=3000000

=3000000-299994200

=680