Quant Exam > Quant Questions > A man borrows Rs. 3000 at the rate of 10% com...
Start Learning for Free
A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?
- a)Rs. 1583
- b)Rs. 1789
- c)Rs. 1600
- d)Rs. 1683
- e)None of these
Correct answer is option 'D'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
A man borrows Rs. 3000 at the rate of 10% compounded annually. At the ...
Most Upvoted Answer
A man borrows Rs. 3000 at the rate of 10% compounded annually. At the ...
Given:
Principal amount (P) = Rs. 3000
Rate of interest (R) = 10% compounded annually
Amount paid at the end of each year = Rs. 1000
To find: Amount to be paid at the end of the third year to clear all dues
Solution:
Let us first calculate the interest for 3 years using the compound interest formula:
A = P(1 + R/100)^n
Where A is the amount, P is the principal, R is the rate of interest, and n is the number of years.
After 1 year, the amount becomes:
A1 = 3000(1 + 10/100)^1 = Rs. 3300
He pays Rs. 1000 at the end of the year, so the amount left after 1 year is:
P1 = A1 - 1000 = Rs. 2300
After 2 years, the amount becomes:
A2 = 2300(1 + 10/100)^1 = Rs. 2530
He pays Rs. 1000 at the end of the year, so the amount left after 2 years is:
P2 = A2 - 1000 = Rs. 1530
After 3 years, the amount becomes:
A3 = 1530(1 + 10/100)^1 = Rs. 1683
Therefore, the amount to be paid at the end of the 3rd year to clear all dues is Rs. 1683.
Hence, the correct option is (d) Rs. 1683.
Principal amount (P) = Rs. 3000
Rate of interest (R) = 10% compounded annually
Amount paid at the end of each year = Rs. 1000
To find: Amount to be paid at the end of the third year to clear all dues
Solution:
Let us first calculate the interest for 3 years using the compound interest formula:
A = P(1 + R/100)^n
Where A is the amount, P is the principal, R is the rate of interest, and n is the number of years.
After 1 year, the amount becomes:
A1 = 3000(1 + 10/100)^1 = Rs. 3300
He pays Rs. 1000 at the end of the year, so the amount left after 1 year is:
P1 = A1 - 1000 = Rs. 2300
After 2 years, the amount becomes:
A2 = 2300(1 + 10/100)^1 = Rs. 2530
He pays Rs. 1000 at the end of the year, so the amount left after 2 years is:
P2 = A2 - 1000 = Rs. 1530
After 3 years, the amount becomes:
A3 = 1530(1 + 10/100)^1 = Rs. 1683
Therefore, the amount to be paid at the end of the 3rd year to clear all dues is Rs. 1683.
Hence, the correct option is (d) Rs. 1683.
|
Explore Courses for Quant exam
|
|
Similar Quant Doubts
A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer?
Question Description
A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. 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. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. 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. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer?.
A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. 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. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. 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. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer?.
Solutions for A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant.
Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A man borrows Rs. 3000 at the rate of 10% compounded annually. At the end of each year, he pays back Rs. 1000. How much amount should he pay at the end of the 3rd year to clear all his dues?a)Rs. 1583b)Rs. 1789c)Rs. 1600d)Rs. 1683e)None of theseCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Quant tests.
|
|
Explore Courses for Quant exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup