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Question

A man borrows 4,000 at 15% compound rate of interest. At the end of each year, he pays back 1,500. How much amount should be paid at the end of the third year to clear all his dues? (a) 874.75 824.50 (c) 924.25 (d) 974.25 Pls help me how to get the ans

Danish · Answer

Ans: A

Gabriel · Answer

Don't know

Kajal · Answer

Is this question is from annuity?

Gabriel · Answer

But I don't know how to get the ans

Gabriel · Answer

Ans is 824.50

Vaibhavi · Answer

Amount after 1st year = Rs. [4000(1+15100)−1500]=Rs. [(4000×2320)−1500]=Rs. (4600−1500)=Rs. 3100Amount after 2nd year = Rs. [3100(1+15100)−1500]=Rs. [(3100×2320)−1500]=Rs. (3565−1500)=Rs. 2065Amount after 3rd year = Rs. [2065(1+15100)−1500]=Rs. [(2065×2320)−1500]=Rs. (2374.75−1500)=Rs. 874.75

Gabriel · Answer

Tq for giving ans but it's ans is 824.50 but I don't know how to get that ans

Nivid · Answer

Option A: 874.75

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8 answers

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