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A man borrows Rs 4000 at 8% compound interest for 3 years. At the end of each year he paid Rs 500. How much amount should he pay at the end of 3rd year to clear the debt?
  • a)
    Rs 4254.5
  • b)
    Rs 3465.2
  • c)
    Rs 3485.2
  • d)
    Rs 4345.4
  • e)
    Rs 3915.6
Correct answer is option 'E'. Can you explain this answer?
Verified Answer
A man borrows Rs 4000 at 8% compound interest for 3 years. At the end ...
Amount after 1 yr = 4000[1 + 8/100] = 4320
Paid 500, so P = 4320 – 500 = 3820
Amount after 2nd yr = 3820[1 + 8/100] = 4125.6
So P= 4125.6-500 = 3625.6
Amount after 3rd yr = 3625.6[1 + 8/100] = 3915.6
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Most Upvoted Answer
A man borrows Rs 4000 at 8% compound interest for 3 years. At the end ...
Amount after 1 yr = 4000[1 + 8/100] = 4320
Paid 500, so P = 4320 – 500 = 3820
Amount after 2nd yr = 3820[1 + 8/100] = 4125.6
So P= 4125.6-500 = 3625.6
Amount after 3rd yr = 3625.6[1 + 8/100] = 3915.6
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Community Answer
A man borrows Rs 4000 at 8% compound interest for 3 years. At the end ...
Amount after 1 yr = 4000[1 + 8/100] = 4320
Paid 500, so P = 4320 – 500 = 3820
Amount after 2nd yr = 3820[1 + 8/100] = 4125.6
So P= 4125.6-500 = 3625.6
Amount after 3rd yr = 3625.6[1 + 8/100] = 3915.6
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A man borrows Rs 4000 at 8% compound interest for 3 years. At the end of each year he paid Rs 500. How much amount should he pay at the end of 3rd year to clear the debt?a)Rs 4254.5b)Rs 3465.2c)Rs 3485.2d)Rs 4345.4e)Rs 3915.6Correct answer is option 'E'. Can you explain this answer?
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A man borrows Rs 4000 at 8% compound interest for 3 years. At the end of each year he paid Rs 500. How much amount should he pay at the end of 3rd year to clear the debt?a)Rs 4254.5b)Rs 3465.2c)Rs 3485.2d)Rs 4345.4e)Rs 3915.6Correct answer is option 'E'. 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 Rs 4000 at 8% compound interest for 3 years. At the end of each year he paid Rs 500. How much amount should he pay at the end of 3rd year to clear the debt?a)Rs 4254.5b)Rs 3465.2c)Rs 3485.2d)Rs 4345.4e)Rs 3915.6Correct answer is option 'E'. 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 Rs 4000 at 8% compound interest for 3 years. At the end of each year he paid Rs 500. How much amount should he pay at the end of 3rd year to clear the debt?a)Rs 4254.5b)Rs 3465.2c)Rs 3485.2d)Rs 4345.4e)Rs 3915.6Correct answer is option 'E'. Can you explain this answer?.
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