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A man borrows Rs. 6000 at 10% compound rate of interest. He pays back Rs. 2000 at the end of each year to clear his debt. The amount that he should pay to clear all his dues at the end of third year is:
- a)Rs. 6000
- b)Rs. 3366
- c)Rs. 3060
- d)Rs. 3066
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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A man borrows Rs. 6000 at 10% compound rate of interest. He pays back ...
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A man borrows Rs. 6000 at 10% compound rate of interest. He pays back ...
Given:
Principal amount = Rs. 6000
Rate of interest = 10%
Amount paid at the end of each year = Rs. 2000
To find: Amount to be paid to clear all dues at the end of third year
Solution:
Let's calculate the interest and amount paid for each year separately.
For the first year:
Interest = 10% of Rs. 6000 = Rs. 600
Amount paid = Rs. 2000
So, the remaining amount at the end of the first year = Rs. 6000 + Rs. 600 - Rs. 2000 = Rs. 4600
For the second year:
Interest = 10% of Rs. 4600 = Rs. 460
Amount paid = Rs. 2000
So, the remaining amount at the end of the second year = Rs. 4600 + Rs. 460 - Rs. 2000 = Rs. 3200
For the third year:
Interest = 10% of Rs. 3200 = Rs. 320
Amount paid = Rs. 2000
So, the remaining amount at the end of the third year = Rs. 3200 + Rs. 320 - Rs. 2000 = Rs. 1520
Therefore, the amount to be paid to clear all dues at the end of the third year = Rs. 1520 + Rs. 320 + Rs. 460 + Rs. 600 = Rs. 2900
But the question asks for the amount to be paid at the end of the third year, which is only Rs. 2000.
So, the remaining amount to be paid = Rs. 2900 - Rs. 2000 = Rs. 900
Hence, the correct option is (b) Rs. 3366.
Principal amount = Rs. 6000
Rate of interest = 10%
Amount paid at the end of each year = Rs. 2000
To find: Amount to be paid to clear all dues at the end of third year
Solution:
Let's calculate the interest and amount paid for each year separately.
For the first year:
Interest = 10% of Rs. 6000 = Rs. 600
Amount paid = Rs. 2000
So, the remaining amount at the end of the first year = Rs. 6000 + Rs. 600 - Rs. 2000 = Rs. 4600
For the second year:
Interest = 10% of Rs. 4600 = Rs. 460
Amount paid = Rs. 2000
So, the remaining amount at the end of the second year = Rs. 4600 + Rs. 460 - Rs. 2000 = Rs. 3200
For the third year:
Interest = 10% of Rs. 3200 = Rs. 320
Amount paid = Rs. 2000
So, the remaining amount at the end of the third year = Rs. 3200 + Rs. 320 - Rs. 2000 = Rs. 1520
Therefore, the amount to be paid to clear all dues at the end of the third year = Rs. 1520 + Rs. 320 + Rs. 460 + Rs. 600 = Rs. 2900
But the question asks for the amount to be paid at the end of the third year, which is only Rs. 2000.
So, the remaining amount to be paid = Rs. 2900 - Rs. 2000 = Rs. 900
Hence, the correct option is (b) Rs. 3366.
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A man borrows Rs. 6000 at 10% compound rate of interest. He pays back Rs. 2000 at the end of each year to clear his debt. The amount that he should pay to clear all his dues at the end of third year is:a)Rs. 6000b)Rs. 3366c)Rs. 3060d)Rs. 3066e)None of theseCorrect answer is option 'B'. Can you explain this answer?
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