Question

A man borrows RS6000 for 2 years at the rate of 12% p.a. compounded anually .He repays Rs 3000 at the end of each year.How much does he still owe after the second repayment???

Answer 1

● Answer -

Remaining payment = 1526 Rs

◆ Explanation -

Total amount man should have paid till the end of 2 years -

Returns = P (1 + r)^t

Returns = 6000 (1 + 12/100)^2

Returns = 6000 × (1.12)^2

Returns = 6000 × 1.2544

Returns = 7526 Rs

After 2 payments, he have paid 3000×2 = 6000 Rs.

Remaining payment = 7526 - 6000

Remaining payment = 1526 Rs

Answer 2

Answer:

answer is 1526

Step-by-step explanation:

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