Question

Rahul borrowed rs. 1,00,000 @ 8% p.a. compound interest, interest being compounded annually. ow much should he repay at the end of the first year, so that by repaying rs. 54,000 at the end of the second year he can clear the loan ?

Answer 1

Hey

Here is your answer,

The answer is 58,000.

Hope it helps you!

Answer 2

n compound interest at annually = p( 1+ r/100)
Principal = 100000rs
Rate = 8% or 8/100
Time = 1year

1
compound interest = 100000(1+8/100)
=100000(100/100+8/100)
=100000(108/100)
=1000×108
=rs.108000

rs.108000 should repay at the first year.