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Question
A man borrows Rs.10,000 at 10% compound interest compounded yearly. At the end of each year, he pays back 20% of the amount for that year. How much money is left unpaid just after the second year ?
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Solution
For 1st year :
P = Rs. 10,000; R = 10% and T = 1 year
Interest = Rs. `[10,000 xx 10 xx 1]/100` = Rs. 1,000
Amount at the end of 1st year = Rs. 10,000 + Rs. 1,000 = Rs. 11,000
Money paid at the end of 1st year = 20% of Rs. 11,000 = Rs. 2,200
∴ Principal for 2nd year = Rs. 11,000 - Rs. 2,200 = Rs. 8,800
For 2nd year :
P = Rs. 8,800; R = 10% and T= 1 year
Interest = Rs. `[8,800 xx 10 xx 1]/[100]`= Rs. 880
Amount at the end of 2nd year = Rs. 8,800 + Rs. 880 = Rs. 9,680
Money paid at the end of 2nd year = 20% of Rs. 9,680 = Rs.1,936
∴ Principal for 3rd year =Rs. 9,680 - Rs. 1,936 = Rs. 7,744.
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