Question

Manish borrowed ₹5000 at 12% per annum. At the end of the 3⅓year, he paid back an amount of ₹4050 and gave her necklace for the balance amount. Find the cost of the necklace​

Answer 1

Since the man repays Rs. 1500 at the end of each year

∴ Amount he owes at the end of 1

st

 year

=5000(1+

100

10

​

)−1500=5500−1500=Rs.4000

Amount he owes at the end of 2

nd

 year

=4000(1+

100

10

​

)−1500=4400−1500=Rs.2900

Amount he owes at the end of 3

rd

 year

=2900(1+

100

10

​

)−1500=3190−1500=Rs.1690