Question

Pramod borrowed 60,000 at 12% per annum
compound interest. If he pays 50% of the sum
borrowed at the end of the first year and 50%
of the remaining loan at the end of the second
year, find the amount of loan outstanding at the
beginning of the third year.( Without using formula) Full Solution​

Answer 1

Step-by-step explanation:

In the first year, he paid: 60,000 x 50% = 30,000

The first year interest: 30,000 + 30,000 x12% = 33600

The second year, he paid: 33600 x 50%= 16800

The second year interest: 16800 + 16800 x 12%=18816

the amount of loan outstanding at the  beginning of the third year:18816