Subject
Quantitative Aptitude
Topic
Interest
Mr. Kailash borrowed Rs. 40000 from a bank at 10% per annum compound interest. At the end of every year, he paid Rs. 10000. If he wanted to clear his loan at the end the 4 years then what should he pay at the end of the fourth year to clear his loan?
Mr. Kailash borrowed Rs. 40000 from a bank at 10% per annum compound interest. At the end of every year, he paid Rs. 10000. If he wanted to clear his loan at the end the 4 years then what should he pay at the end of the fourth year to clear his loan?
ক)
13256খ)
10265গ)
8569ঘ)
12154ঙ)
22154Explanation
Given that Mr. Kailash borrowed Rs. 40000 from a bank He takes loan at 10% compound interest per annum. When interest is compounded annually: Amount after t years (where P = Principal, R = Rate% and t = years) Amount at the end of 1st year = 40000 × 11/10 = 44000 Amount to be paid after paying 1st installment = 44000 – 10000 = 34000 Amount at the end of the 2nd year = 34000 × 11/10 = 37400 Amount to be paid after paying 2nd installment = 37400 – 10000 = 27400 Amount at the end of 3rd year = 27400 × 11/10 = 30140 Amount to be paid after paying 3rd installment = 30140 – 10000 = 20140 Amount at the end of 4th year = 20140 × 11/10 = 22154 Amount to be paid at the end of 4th year to clear the lone = 22154Related questions
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