Thomas took out a loan of 15000 rupees from a bank which charges
12% interest, compounded annually. After 2 years, he paid back
10000 rupees. To settle the loan, how much should he pay at the end
of three years?
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Answer:
here's the answer :-
Step-by-step explanation:
Solution:
Amount borrowed = 15000
Interest for the first year
= 15000 × 12100 = 1800
Loan for the second year
= 15000 + 1800 = Rs.16800
Interest for the second year
= 16800 × 12100 = 2016
Loan for the end of second year
= 16800 + 2016 = 18816
Amount payback at the end of second year = 10000
Loan for the third year
= 18816 – 10000 = 8816
Interest for the 3rd year
= 8816 × 12100 = 1057.92
Amount to be repair at the end of third year
= 8816 + 1057.92 = Rs.9873.92
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