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A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400?
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A man borrowed ₹4000 at 10% per annum compound interest. At the end of...
Given information:
- Principal amount borrowed: ₹4000
- Rate of interest: 10% per annum
- Repayment amount at the end of each year: ₹1000
To find:
The amount of money the man still owes after the third year.
Assumptions:
- Compound interest is calculated annually.
Solution:
Year 1:
- Principal amount borrowed: ₹4000
- Repayment amount: ₹1000
- Remaining amount after repayment: ₹4000 - ₹1000 = ₹3000
Year 2:
- Principal amount: ₹3000
- Interest for the year: 10% of ₹3000 = ₹300
- Total amount at the end of the year: ₹3000 + ₹300 = ₹3300
- Repayment amount: ₹1000
- Remaining amount after repayment: ₹3300 - ₹1000 = ₹2300
Year 3:
- Principal amount: ₹2300
- Interest for the year: 10% of ₹2300 = ₹230
- Total amount at the end of the year: ₹2300 + ₹230 = ₹2530
- Repayment amount: ₹1000
- Remaining amount after repayment: ₹2530 - ₹1000 = ₹1530
Therefore, the man still owes ₹1530 after the third year.
Answer:
The amount of money the man still incurs after the third year is ₹1530.
- Principal amount borrowed: ₹4000
- Rate of interest: 10% per annum
- Repayment amount at the end of each year: ₹1000
To find:
The amount of money the man still owes after the third year.
Assumptions:
- Compound interest is calculated annually.
Solution:
Year 1:
- Principal amount borrowed: ₹4000
- Repayment amount: ₹1000
- Remaining amount after repayment: ₹4000 - ₹1000 = ₹3000
Year 2:
- Principal amount: ₹3000
- Interest for the year: 10% of ₹3000 = ₹300
- Total amount at the end of the year: ₹3000 + ₹300 = ₹3300
- Repayment amount: ₹1000
- Remaining amount after repayment: ₹3300 - ₹1000 = ₹2300
Year 3:
- Principal amount: ₹2300
- Interest for the year: 10% of ₹2300 = ₹230
- Total amount at the end of the year: ₹2300 + ₹230 = ₹2530
- Repayment amount: ₹1000
- Remaining amount after repayment: ₹2530 - ₹1000 = ₹1530
Therefore, the man still owes ₹1530 after the third year.
Answer:
The amount of money the man still incurs after the third year is ₹1530.
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A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400?
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A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400?.
A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400?.
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A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400?, a detailed solution for A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400? has been provided alongside types of A man borrowed ₹4000 at 10% per annum compound interest. At the end of each year he has repaid ₹1000. The amount of money he still incurs after the third year is.? A. ₹2740 B. ₹2104 C. ₹2014 D. ₹3400? theory, EduRev gives you an
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