Question

A man borrows Rs. 4,000 at 8% per annum on compound interest. At the end of every year he pays Rs. 1,500 as part payment of loan and interest. How much does he still owe to the bank after 3 such annual payments?​

Answer 1

Answer:

I think the answer may be rupees 3000

Answer 2

Answer:

He still 122.88 rupees owe to the bank after 3 such annual ppayments.

Step-by-step explanation:

Given,a man borrows Rs. 4,000 at 8% per annum on compound interest. At the end of every year he pays Rs. 1,500 as part payment of loan and interest.

Here we want to find how much does he still owe to the bank after 3 such annual payments?

We know,

Compound interest $= p {(1 + \frac{r}{100}) }^{t}$

Where p is principal,r is rate of interest and t is time.

Here

$p = 4000 \: rupees$

$r = 8\%$

After 1st installment amount to be paid by man

$= 4000(1 + \frac{8}{100} ) - 1500 \\ = 4000 \times \frac{108}{100} - 1500 \\ = 4320 - 1500 \\ = 2820 \: rupees$

Amount paid by man after 2nd installment

$= 2820(1 + \frac{8}{100} ) - 1500 \\ = 2820 \times \frac{108}{100} - 1500 \\ = 3045.6 - 1500 \\ = 1545.6 \: rupees$

Amount paid by man after 3rd installment

$= 1545.6 (1 + \frac{8}{100} ) - 1500 \\ = 1545.6 \times \frac{105}{100} - 1500 \\ = 1622.88 - 1500 \\ = 122.88 \: rupees$

Know more about Compound interest,

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