Question

Manu took out a loan of 20000 rupees from a bank which charges 10% interest.
Compounded annually. After 2years he paid back 10000 rupees. To settle the loan 4
how much should he pay at the end of third year ?

Answer 1

Answer:

Principal, P = Rs.5000

Rate of interest for the first year, R1= 10%

Rate of interest for the second year, R2= 12%

Total amount including interest =

∴ Total amount including interest for the first year

Now, principal for the second year = Rs.5500

Total amount including interest for the second year

∴ Total amount to be paid by Mahadevan at the end of two years to settle the debt = Rs.6160

Answer 2

Step-by-step explanation:

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