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A man borrows 2000 rupees at 10% compound interest. At the end every year he pays rupees 1000 back. How much amount should he pay at the end of the third Year to clear all his debt?
- a)252
- b)352
- c)452
- d)552
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A man borrows 2000 rupees at 10% compound interest. At the end every y...
After one year amount = 2000*110/100 = 2200
He pays 1000 back, so remaining = 2200 – 1000 = 1200
After second year = 1200*110/100 = 1320
He pays 1000 back, so remaining = 1320 – 1000 = 320
After third year = 320*110/100 = 352
He pays 1000 back, so remaining = 2200 – 1000 = 1200
After second year = 1200*110/100 = 1320
He pays 1000 back, so remaining = 1320 – 1000 = 320
After third year = 320*110/100 = 352
Most Upvoted Answer
A man borrows 2000 rupees at 10% compound interest. At the end every y...
Given:
Principal amount (P) = Rs. 2000
Rate of interest (R) = 10%
Amount paid back at the end of each year = Rs. 1000
To find:
Amount to be paid at the end of the third year to clear all debt
Calculation:
We can solve this problem using the compound interest formula:
A = P(1 + R/100)^n
Where,
A = Total amount after n years
P = Principal amount
R = Rate of interest
n = Number of years
First, let's calculate the amount after the first year:
A1 = P(1 + R/100) = 2000(1 + 10/100) = 2000(1.1) = Rs. 2200
At the end of the first year, the man pays back Rs. 1000, so the remaining amount is:
Remaining amount after the first year = A1 - 1000 = 2200 - 1000 = Rs. 1200
Now, let's calculate the amount after the second year:
A2 = Remaining amount after the first year * (1 + R/100) = 1200 * (1 + 10/100) = 1200 * 1.1 = Rs. 1320
At the end of the second year, the man pays back Rs. 1000, so the remaining amount is:
Remaining amount after the second year = A2 - 1000 = 1320 - 1000 = Rs. 320
Now, let's calculate the amount after the third year:
A3 = Remaining amount after the second year * (1 + R/100) = 320 * (1 + 10/100) = 320 * 1.1 = Rs. 352
Therefore, the man should pay Rs. 352 at the end of the third year to clear all his debt.
Hence, the correct answer is option 'B' (352).
Principal amount (P) = Rs. 2000
Rate of interest (R) = 10%
Amount paid back at the end of each year = Rs. 1000
To find:
Amount to be paid at the end of the third year to clear all debt
Calculation:
We can solve this problem using the compound interest formula:
A = P(1 + R/100)^n
Where,
A = Total amount after n years
P = Principal amount
R = Rate of interest
n = Number of years
First, let's calculate the amount after the first year:
A1 = P(1 + R/100) = 2000(1 + 10/100) = 2000(1.1) = Rs. 2200
At the end of the first year, the man pays back Rs. 1000, so the remaining amount is:
Remaining amount after the first year = A1 - 1000 = 2200 - 1000 = Rs. 1200
Now, let's calculate the amount after the second year:
A2 = Remaining amount after the first year * (1 + R/100) = 1200 * (1 + 10/100) = 1200 * 1.1 = Rs. 1320
At the end of the second year, the man pays back Rs. 1000, so the remaining amount is:
Remaining amount after the second year = A2 - 1000 = 1320 - 1000 = Rs. 320
Now, let's calculate the amount after the third year:
A3 = Remaining amount after the second year * (1 + R/100) = 320 * (1 + 10/100) = 320 * 1.1 = Rs. 352
Therefore, the man should pay Rs. 352 at the end of the third year to clear all his debt.
Hence, the correct answer is option 'B' (352).
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Community Answer
A man borrows 2000 rupees at 10% compound interest. At the end every y...
After one year amount = 2000*110/100 = 2200
He pays 1000 back, so remaining = 2200 – 1000 = 1200
After second year = 1200*110/100 = 1320
He pays 1000 back, so remaining = 1320 – 1000 = 320
After third year = 320*110/100 = 352
He pays 1000 back, so remaining = 2200 – 1000 = 1200
After second year = 1200*110/100 = 1320
He pays 1000 back, so remaining = 1320 – 1000 = 320
After third year = 320*110/100 = 352
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