A man borrows 2000 rupees at 10 compound interest At the end every year he pays rupees 1000 back How...........

Quantitative Aptitude ( CCS) Compound Interest

A man borrows 2000 rupees at 10% compound interest. At the end every year he pays rupees 1000 back. How much amount should he pay at the end of the third Year to clear all his debt?

252

352

452

552

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Explanation:

After one year amount = 2000*110/100 = 2200
He pays 1000 back, so remaining = 2200 – 1000 = 1200
After second year = 1200*110/100 = 1320
He pays 1000 back, so remaining = 1320 – 1000 = 320
After third year = 320*110/100 = 352