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A man borrows Rs 6000 at 10% rate of interest compounded annually. 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% rate of interest compounded annually. He ...
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A man borrows Rs 6000 at 10% rate of interest compounded annually. He ...
Given:
Principal amount (P) = Rs 6000
Rate of interest (R) = 10%
Time period (n) = 3 years
Amount paid at the end of each year (A) = Rs 2000
To find:
The amount that the man should pay to clear all his dues at the end of the third year.
Solution:
Step 1: Calculate the interest for each year.
Interest for the first year = P * R/100 = 6000 * 10/100 = Rs 600
Interest for the second year = (P - A) * R/100 = (6000 - 2000) * 10/100 = Rs 400
Interest for the third year = (P - 2A) * R/100 = (6000 - 2*2000) * 10/100 = Rs 200
Step 2: Calculate the total amount to be paid at the end of each year.
Total amount to be paid at the end of the first year = P + Interest for the first year = 6000 + 600 = Rs 6600
Total amount to be paid at the end of the second year = P + Interest for the first year + Interest for the second year = 6000 + 600 + 400 = Rs 7000
Total amount to be paid at the end of the third year = P + Interest for the first year + Interest for the second year + Interest for the third year = 6000 + 600 + 400 + 200 = Rs 7200
Step 3: Calculate the amount that the man should pay to clear all his dues at the end of the third year.
Amount to be paid at the end of the third year = Total amount to be paid at the end of the third year - Amount paid at the end of the first year - Amount paid at the end of the second year = 7200 - 2000 - 2000 = Rs 3200
Therefore, the amount that the man should pay to clear all his dues at the end of the third year is Rs 3200, which is not given as an option. Hence, none of the options provided is correct.
Principal amount (P) = Rs 6000
Rate of interest (R) = 10%
Time period (n) = 3 years
Amount paid at the end of each year (A) = Rs 2000
To find:
The amount that the man should pay to clear all his dues at the end of the third year.
Solution:
Step 1: Calculate the interest for each year.
Interest for the first year = P * R/100 = 6000 * 10/100 = Rs 600
Interest for the second year = (P - A) * R/100 = (6000 - 2000) * 10/100 = Rs 400
Interest for the third year = (P - 2A) * R/100 = (6000 - 2*2000) * 10/100 = Rs 200
Step 2: Calculate the total amount to be paid at the end of each year.
Total amount to be paid at the end of the first year = P + Interest for the first year = 6000 + 600 = Rs 6600
Total amount to be paid at the end of the second year = P + Interest for the first year + Interest for the second year = 6000 + 600 + 400 = Rs 7000
Total amount to be paid at the end of the third year = P + Interest for the first year + Interest for the second year + Interest for the third year = 6000 + 600 + 400 + 200 = Rs 7200
Step 3: Calculate the amount that the man should pay to clear all his dues at the end of the third year.
Amount to be paid at the end of the third year = Total amount to be paid at the end of the third year - Amount paid at the end of the first year - Amount paid at the end of the second year = 7200 - 2000 - 2000 = Rs 3200
Therefore, the amount that the man should pay to clear all his dues at the end of the third year is Rs 3200, which is not given as an option. Hence, none of the options provided is correct.
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A man borrows Rs 6000 at 10% rate of interest compounded annually. 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 isa)Rs 6000b)Rs 3366c)Rs 3060d)Rs 3066e)None of theseCorrect answer is option 'B'. Can you explain this answer?
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