Multiple Choice Questions on A man borrows Rs 8000 at 10 compounded rate of interest At the end of each year he pays back Rs 2200........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A man borrows Rs 8000 at 10 compounded rate of interest At the end of each year he pays back Rs 2200...........

Quantitative Aptitude ( CCS) Compound Interest
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    A man borrows Rs 8000 at 10% compounded rate of interest. At the end of each year he pays back Rs 2200. How much amount should he pay at the end of the third year to clear all his dues?

    Rs 5500

    Incorrect Answer

    Rs 5466

    Incorrect Answer

    Rs 5666

    Incorrect Answer

    Rs 5566

    Correct Answer
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    Explanation:

    first year=8000+800=8800-2200=6600
    second year=6600+660=7260-2200=5060
    third year=5060+506=5566

    Hence, option 4 is the correct answer.

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