Question

A man borrows rs.6000 at 20 % compound rate of interest.At the end of each year he pays back rs.1500.How much amount should he pay at the end of the third year to clear all his dues?V

Answer 1

Answer:

this is the answer I hope it helps

Answer 2

Given:

The man borrows $Rs.6000$ at $20$% rate of interest. At the end of each year, he pays back $Rs.1500$.

To find:

The end of the year to clear all his dues.

Step-by-step explanation:

Interest$=\frac{PRT}{100}$

$=\frac{6000*20*1}{100}$

$=1200$

$=6000+1200$

$=7200$

$Rs.1500$ was repaid,

$P^{'}=7200-1500$

$=5700$

After $2$ years,

Interest$=\frac{P^{'}RT}{100}$

$=\frac{5700*20*1}{100}$

$=1140$

$3^{rd}$ year$=6840$

But again $1500$ was repaid outstanding$=6840-1500$

$=5340$

Answer:

Therefore, The end of the third year to clear is $5340$.