A man borrows Rs 4000 at 8 compound interest for 3 years At the end of each year he paid Rs 500 How ...........

Quant (SSC) Compound Interest

A man borrows Rs 4000 at 8% compound interest for 3 years. At the end of each year he paid Rs 500. How much amount should he pay at the end of 3rd year to clear the debt?

Rs 3465.2

Rs 3485.2

Rs 4345.4

Rs 3915.6

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Explanation:

Amount after 1 yr = 4000[1 + 8/100] = 4320
Paid 500, so P = 4320 – 500 = 3820
Amount after 2nd yr = 3820[1 + 8/100] = 4125.6
So P= 4125.6-500 = 3625.6
Amount after 3rd yr = 3625.6[1 + 8/100] = 3915.6