A person borrowed a sum of Rs30800 at 10 p a for 3 years interest compounded annually At the end of ...........

Quantitative Aptitude (CGL) Compound Interest

A person borrowed a sum of Rs30800 at 10% p.a. for 3 years, interest compounded annually. At the end of two years, he paid a

sum of Rs13268. At the end of 3rd year, he paid Rs x to clear of the debt. What is the value of x ?

This questions was previously asked in

SSC CGL 23rd August 2021 Shift-3

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- The principal amount is Rs 30,800, with an interest rate of 10% per annum, compounded annually.

- After 1 year, the amount will be 30,800 x 1.10 = Rs 33,880.

- After 2 years, the total will be 33,880 x 1.10 = Rs 37,268.

- A payment of Rs 13,268 is made at the end of the second year.

- The remaining balance at the end of the second year is Rs 37,268 - Rs 13,268 = Rs 24,000.

- After the third year, interest is added: 24,000 x 1.10 = Rs 26,400.

- To clear the debt at the end of the third year, a payment of Rs 26,400 is required.

- Correct option is:

Option 1: Rs 26,400

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