A man borrow RS.6000 at 5% C.I. per annum. If he repays RS.1200 at end of each year, find the amount of the loan outstanding at the beginning of the third year.

Open in App

Solution

Given Principle amount = Rs . 6000
And
Rate of interest = r = 5% compounded annually
So,
Interest after 1 year = (6000 × 5 × 1)/100 = 60× 5 = Rs 300
Total money owed after 1 year = 6000 + 300 = 6300
And
Rs. 1200 paid ,
So
Total money starting of second year = 6300 - 1200 = Rs.5100
And
Interest after 2 year = (5100 × 5 × 1)/100 = 51× 5 = Rs . 255
money owned after 2 year = 5100 + 255 = 5355
And
Rs. 1200 paid ,
So
Total money outstanding starting of Third year = 5355 - 1200 = Rs.4155 ( Ans )

Suggest Corrections

Similar questions

Q. A man borrows Rs.

6000

5 %

compound interest. If he repays Rs.

1200

at the end of each year, find the amount outstanding at the beginning of the third year.

Q. A man borrows Rs.

1, 200

10

percent per annum compound interest. If he repays Rs.

250

at the end of each year, find the amount of loan outstanding at the beginning of the fourth year.

A man borrows rupees 6000 at 5% compound interest if he repays rupees 1200 at the end of each year find the amount outstanding at the beginning of the third year

Q. A man borrows Rs. 8,500 at 10% compound interest. If he repays Rs, 2,700 at the end of each year, find the amount of the loan outstanding at the beginning of the third year.

A man borrows Rs 8000 at 4% C.I. and repays Rs 400 at the end of every year. Find the loan outstanding in the beginning of the third year.

Join BYJU'S Learning Program