Please enter the following details
Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 68
A man borrows ₹5000 from a bank at 8% per annum compound interest. At the end of every year, he pays ₹1000 as a part payment of loan and-interest. How much does he still owe to the bank after three such installments?
Solution
Total amount left at the end of 1 year = $$5000 + \frac{5000 * 8 * 1}{100} - 1000$$ = Rs.4400
Total amount left at the end of 2 year = $$4400 + \frac{4400 * 8 * 1}{100} - 1000$$ = Rs.3752
Total amount left at the end of 3 year = $$3752 + \frac{3752 * 8 * 1}{100} - 1000$$ = Rs.3052.16
