Ranbir borrows 20,000 at 12% per annum
compound interest. If he repays 8400 at the
end of the first year and 9680 at the end
of the second year, find the amount of loan
outstanding at the beginning of the third year.
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Answer:
Given: Principal for the first year (P)=Rs.20,000,r=12%
We know that A=P(1+
100
r
)
n
Amount after the first year =20,000(1+
100
12
)
1
=20,000(
100
112
)
=Rs.22,400
Money repays at the end of first year =Rs.8,400 (given)
Principal for the second year =Rs.22,400−Rs.8,400
=Rs.14,000
Amount after second year =14,000(1+
100
12
)
1
=Rs.15,680
∴ The loan outstanding at the beginning of the third year
=Rs.15,680−Rs.9,680
=Rs.6,000
Step-by-step explanation:
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