Question

Mr. Basu borrows Rs 1,00,000 from State Bank of India at 11% per annum compound interest. He repays Rs 41,000 at the end of first year and Rs 47,700 at the end of second year. Find the amount outstanding at the beginning of the third year.

• A. Rs 30,000
• B. Rs 20,000
• C. Rs 10,000
• D. Rs 40,000

Answer 1

The correct option is A

Rs 30,000