Question

Mohan took a loan of 10000 at 20% per annum compound interest compounded annually at the end of each year he pays back 5000 how much should he pay at the end of third year to clear all the dues​

Answer 1

Solution :-

→ Principal for first year = Rs.10000

→ Rate = 20% per annum

so,

→ Interest paid = (10000 * 20 * 1)/100 = Rs.2000 .

now,

→ Amount after 1 year = Rs.10000 + 2000 = Rs.12000 .

and,

→ Mohan paid = Rs.5000 .

then,

→ Principal left for second year = 12000 - 5000 = Rs.7000

→ Rate = 20%

→ Amount after second year = (7000 * 120)/100 = Rs.8400

again,

→ Mohan paid = Rs.5000 .

then,

→ Principal left for second year = 8400 - 5000 = Rs.3400

therefore,

→ Amount to be paid at the end of 3 years = (3400 * 120)/100 = Rs.4080 (Ans.)

Learn more :-

CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.

https://brainly.in/question/32463301

7. Abhishek invested some amount for 3 yrs at rate of 16(2/3)% per annum at Cl. The difference of CI obtained

only on 3r...

https://brainly.in/question/38286271