Question 90

A man borrows Rs. 5000 at the rate of 10% compound interest per annurn• At the end of each year he pays back Rs. 1500 for the first 2 years. The am ount he should pay at the end of 3rd year to clear the loan (in Rs.) is

Solution

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At the end of first year

$$=5000×1.1=5500$$Rs would be paid.

After 1500 payment,he would be left with

$$5500-1500=4000.$$

At the end of second year

$$4000×1.1=4400.$$

After 1500 payment,he would be left with 

$$4400-1500=2900.$$

So,at the end of third year the amount would become$$=2900×1.1=3190.$$

B is correct choice.

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