A man borrows 10000 rupees at 20 compound interest for 3 years If every year he pays 2000 rupees as ...........

Quant (SSC) Compound Interest

A man borrows 10000 rupees at 20 % compound interest for 3 years. If every year he pays 2000 rupees as repayment. How much amount is still left to be paid by the man?

5000

7000

9000

10000

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Explanation:

Amount to be paid at the end of three years = 10000*(1+20/100)^ 3 = 17280
Amount paid as instalment by the man = 2000*(1+20/100)^ 2 + 2000*(1+20/100) + 2000 = 7280
So remaining amount = 10000