A man borrows 3000 rupees at 10 compound interest At the end every year he pays rupees 1000 back How...........

Quantitative Aptitude ( CCS) Compound Interest

A man borrows 3000 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 fourth Year to clear all his debt?

Rs. 680.5

Rs. 651.3

Rs. 751.3

Rs. 790.3

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Explanation:

After one year amount = 3000 *110/100 = 3300
He pays 1000 back, so remaining = 3300-1000 = 2300
After two year amount = 2300 *110/100 = 2530
He pays 1000 back, so remaining = 2530-1000 = 1530
After three year amount = 1530*110/100 = 1683
He pays 1000 back, so remaining = 1683-1000= 683
After fouth year = 683 * 110/100 = 751.3