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Question
Mohan borrowed Rs 25,000 at 10% p.a. compound interest. If he pays back Rs 7,500 every year, find the amount of loan outstanding at the beginning of the fourth year.
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Solution
P = Rs. 25,000, R = 10°/o p.a.
Interest for first year
`= ("Rs" 25000 xx 10 xx 1)/100`
= Rs2,500
Amount due after 1st year
= Rs. 25,000 + Rs. 2,500
=Rs 27,500
Amount paid after 1st year= Rs. 7,500
Balance amount = Rs. 27,500 - Rs. 7,500 = Rs. 20,000
Interest for seoond year
`= ("Rs" 20000 xx 10 xx 1)/100`
= Rs 2000
Amount due after 2nd year
= Rs. 20,000 + Rs. 2,000 =Rs 22,000
Amount paid after 2nd year= Rs. 7,500
Balance amount= Rs. 22,000 - Rs. 7,500 = Rs. 14,500
Interest for third year
`= ("Rs" 14500 xx 10 xx 1)/100`
= Rs 1, 450
Amount due after 3rd year
= Rs. 14,500 + Rs. 1,450 = Rs 15,950
Amount paid after 3rd year= Rs. 7,500
Balance amount = Rs. 15, 950 - Rs. 7 ,500 =Rs. 8,450
Loan outstanding at the beginning of the fourth year = Rs 8,450.
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