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A man borrows rs. 3000 at 10% compound interest. At the end of each year he pays back rs.1000 . How much amount should he pay at the end of 3rd year, ti ckear all his dues?
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A man borrows rs. 3000 at 10% compound interest. At the end of each ye...
Answer:
683
Step-by-step explanation:
Given A man borrows rs 3000 at 10 compound rate of interest. At the end each year he pays back rs 1000. How much amount should he pay at the end of the third year to clear all his dues??
Now let us calculate from first year
So after one year amount will be = 3000 x 110 / 100
= 3300
he pays Rs 1000 at the end of each year,
So amount will be 3300 - 1000 = Rs 2300
After two years amount will be = 2300 x 110 / 100 = 2530
Again he pays 1000, so amount will be 2530 - 1000
= Rs 1530
Now for 3 years, amount will be 1530 x 110 / 100
= Rs 1683
he pays 1000 , so remaining amount will be
= Rs 1683 - 1000
= Rs 683
So amount he should pay at the end of the third year to clear all his dues will be Rs 683.
683
Step-by-step explanation:
Given A man borrows rs 3000 at 10 compound rate of interest. At the end each year he pays back rs 1000. How much amount should he pay at the end of the third year to clear all his dues??
Now let us calculate from first year
So after one year amount will be = 3000 x 110 / 100
= 3300
he pays Rs 1000 at the end of each year,
So amount will be 3300 - 1000 = Rs 2300
After two years amount will be = 2300 x 110 / 100 = 2530
Again he pays 1000, so amount will be 2530 - 1000
= Rs 1530
Now for 3 years, amount will be 1530 x 110 / 100
= Rs 1683
he pays 1000 , so remaining amount will be
= Rs 1683 - 1000
= Rs 683
So amount he should pay at the end of the third year to clear all his dues will be Rs 683.
Community Answer
A man borrows rs. 3000 at 10% compound interest. At the end of each ye...
Calculation of Compound Interest
To calculate the compound interest for the loan, we can use the formula:
A = P(1 + r/n)^(nt)
Where A is the final amount, P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the time in years.
Substituting the given values, we get:
A = 3000(1 + 0.1/1)^(1*3) = 3993
So, the amount owed after 3 years is Rs. 3993.
Calculation of Annual Payment
Since the borrower pays back Rs. 1000 at the end of each year, we can calculate the amount owed at the end of the second year as follows:
Amount owed at the end of the 1st year = 3000(1 + 0.1/1)^(1*1) - 1000 = Rs. 2700
Amount owed at the end of the 2nd year = 2700(1 + 0.1/1)^(1*1) - 1000 = Rs. 2430
Therefore, the amount owed at the end of the 3rd year is Rs. 3993 - Rs. 2430 = Rs. 1563.
Final Payment Calculation
To clear all dues, the borrower should pay Rs. 1563 at the end of the 3rd year.
This amount includes the principal amount of Rs. 3000, the interest of Rs. 993, and the payments made in the first two years amounting to Rs. 2430.
Conclusion
Thus, the borrower should pay Rs. 1563 at the end of the 3rd year to clear all his dues.
To calculate the compound interest for the loan, we can use the formula:
A = P(1 + r/n)^(nt)
Where A is the final amount, P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the time in years.
Substituting the given values, we get:
A = 3000(1 + 0.1/1)^(1*3) = 3993
So, the amount owed after 3 years is Rs. 3993.
Calculation of Annual Payment
Since the borrower pays back Rs. 1000 at the end of each year, we can calculate the amount owed at the end of the second year as follows:
Amount owed at the end of the 1st year = 3000(1 + 0.1/1)^(1*1) - 1000 = Rs. 2700
Amount owed at the end of the 2nd year = 2700(1 + 0.1/1)^(1*1) - 1000 = Rs. 2430
Therefore, the amount owed at the end of the 3rd year is Rs. 3993 - Rs. 2430 = Rs. 1563.
Final Payment Calculation
To clear all dues, the borrower should pay Rs. 1563 at the end of the 3rd year.
This amount includes the principal amount of Rs. 3000, the interest of Rs. 993, and the payments made in the first two years amounting to Rs. 2430.
Conclusion
Thus, the borrower should pay Rs. 1563 at the end of the 3rd year to clear all his dues.
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A man borrows rs. 3000 at 10% compound interest. At the end of each year he pays back rs.1000 . How much amount should he pay at the end of 3rd year, ti ckear all his dues?
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A man borrows rs. 3000 at 10% compound interest. At the end of each year he pays back rs.1000 . How much amount should he pay at the end of 3rd year, ti ckear all his dues? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about A man borrows rs. 3000 at 10% compound interest. At the end of each year he pays back rs.1000 . How much amount should he pay at the end of 3rd year, ti ckear all his dues? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A man borrows rs. 3000 at 10% compound interest. At the end of each year he pays back rs.1000 . How much amount should he pay at the end of 3rd year, ti ckear all his dues?.
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