Question

A person borrowed a sum of Rs 9000 at a rate of 10% per annum interest compounded annually. He repaid an amount of Rs 1900 at the end of the first year. Find the amount that he has to pay at the end of the next two years in order to repay the rest of the loan completely in a single instalment.​

Answer 1

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Answer 2

Answer:

9680

Step-by-step explanation:

principal= rs 9000

rate=10% per annum

time = 1 yr

Amount= p(1+r/100)^n

9000(1+10/100)^1

=9000*11/10

=rs 9900

amount the person already paid = rs 1900

amount left to pay=9900-1900=rs 8000

amount for next 2 years= p(1+r/100)^n

8000(1+10/100)

=8000*121/100

=rs 9680

*he has to pay rupees 9680 to repay all the loan