Question

A man borrows Rs. 4,000 at 20% compound rate of interest. At the end of each year he pays back Rs. 1,500. How much amount should he pay at the end of the third year to clear all his dues?

Answer 1

Amount = P (1+r/100)^n
here,
n is 1
r is 20
and P is 4000
therefore,
A = 4000 (1+20/100)
= 4000× 120/100 = rs 4800 (ans)

Answer 2

4800 answer..................