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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 the 3rd year to clear the debt?
  • a)
    Rs 4254.5
  • b)
    Rs 3465.2
  • c)
    Rs 3485.2
  • d)
    Rs 3915.6
Correct answer is option 'D'. Can you explain this answer?
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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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 the 3rd year to clear the debt?a)Rs 4254.5b)Rs 3465.2c)Rs 3485.2d)Rs 3915.6Correct answer is option 'D'. Can you explain this answer? for Interview Preparation 2025 is part of Interview Preparation preparation. The Question and answers have been prepared according to the Interview Preparation 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 the 3rd year to clear the debt?a)Rs 4254.5b)Rs 3465.2c)Rs 3485.2d)Rs 3915.6Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Interview Preparation 2025 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 the 3rd year to clear the debt?a)Rs 4254.5b)Rs 3465.2c)Rs 3485.2d)Rs 3915.6Correct answer is option 'D'. Can you explain this answer?.
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