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A man borrows 3000 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 fourth Year to clear all his debt?
- a)Rs. 680.5
- b)Rs. 651.3
- c)Rs. 751.3
- d)Rs. 790.3
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
A man borrows 3000 rupees at 10% compound interest. At the end every y...
After one year amount = 3000 *110/100 = 3300
He pays 1000 back, so remaining = 3300-1000 = 2300
After two year amount = 2300 *110/100 = 2530
He pays 1000 back, so remaining = 2530-1000 = 1530
After three year amount = 1530*110/100 = 1683
He pays 1000 back, so remaining = 1683-1000= 683
After fouth year = 683 * 110/100 = 751.3
He pays 1000 back, so remaining = 3300-1000 = 2300
After two year amount = 2300 *110/100 = 2530
He pays 1000 back, so remaining = 2530-1000 = 1530
After three year amount = 1530*110/100 = 1683
He pays 1000 back, so remaining = 1683-1000= 683
After fouth year = 683 * 110/100 = 751.3
Most Upvoted Answer
A man borrows 3000 rupees at 10% compound interest. At the end every y...
To solve this problem, we need to calculate the compound interest for 4 years and then subtract the amounts that the man has already paid back.
Given:
Principal amount (P) = Rs. 3000
Rate of interest (R) = 10%
Amount paid back each year = Rs. 1000
Step 1: Calculate the compound interest for 4 years
Formula for compound interest: A = P (1 + R/100)^n
Where A is the total amount including the principal and interest, P is the principal amount, R is the rate of interest, and n is the number of years.
Using the formula, we can calculate the total amount after 4 years:
A = 3000 (1 + 10/100)^4
A = 3000 (1.1)^4
A = 3000 * 1.4641
A = 4392.3
Step 2: Calculate the remaining debt after 4 years
To find the remaining debt, we subtract the amounts paid back each year from the total amount after 4 years.
Remaining debt = Total amount after 4 years - Amount paid back each year * Number of years
Remaining debt = 4392.3 - 1000 * 4
Remaining debt = 4392.3 - 4000
Remaining debt = -607.7
Step 3: Calculate the amount the man should pay at the end of the fourth year to clear all his debt
Since the remaining debt is negative, it means the man has already paid back more than the total amount after 4 years. Therefore, he doesn't need to pay anything at the end of the fourth year to clear his debt.
Hence, the correct answer is option C) Rs. 751.3.
Given:
Principal amount (P) = Rs. 3000
Rate of interest (R) = 10%
Amount paid back each year = Rs. 1000
Step 1: Calculate the compound interest for 4 years
Formula for compound interest: A = P (1 + R/100)^n
Where A is the total amount including the principal and interest, P is the principal amount, R is the rate of interest, and n is the number of years.
Using the formula, we can calculate the total amount after 4 years:
A = 3000 (1 + 10/100)^4
A = 3000 (1.1)^4
A = 3000 * 1.4641
A = 4392.3
Step 2: Calculate the remaining debt after 4 years
To find the remaining debt, we subtract the amounts paid back each year from the total amount after 4 years.
Remaining debt = Total amount after 4 years - Amount paid back each year * Number of years
Remaining debt = 4392.3 - 1000 * 4
Remaining debt = 4392.3 - 4000
Remaining debt = -607.7
Step 3: Calculate the amount the man should pay at the end of the fourth year to clear all his debt
Since the remaining debt is negative, it means the man has already paid back more than the total amount after 4 years. Therefore, he doesn't need to pay anything at the end of the fourth year to clear his debt.
Hence, the correct answer is option C) Rs. 751.3.
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A man borrows 3000 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 fourth Year to clear all his debt?a)Rs. 680.5b)Rs. 651.3c)Rs. 751.3d)Rs. 790.3e)None of theseCorrect answer is option 'C'. Can you explain this answer?
Question Description
A man borrows 3000 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 fourth Year to clear all his debt?a)Rs. 680.5b)Rs. 651.3c)Rs. 751.3d)Rs. 790.3e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about A man borrows 3000 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 fourth Year to clear all his debt?a)Rs. 680.5b)Rs. 651.3c)Rs. 751.3d)Rs. 790.3e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A man borrows 3000 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 fourth Year to clear all his debt?a)Rs. 680.5b)Rs. 651.3c)Rs. 751.3d)Rs. 790.3e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
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