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?

Name: 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?
Uploaded: 2026-04-27T20:19:41.148954+05:30
Duration: 4 min 42 s
Description: 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

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