A man borrowed Rs.50,000 from a bank at 10% per annum, compounded annually. At the end of every year

March 22, 2024

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A man borrowed Rs.50,000 from a bank at 10% per annum, compounded annually. At the end of every year, he pays Rs.15,000 as part payment of the loan and interest. How much does he still owe to the bank after three such instalments?

a) 17200

b) 16900

c) 15500

d) 14300

Sol:

50000×11/10=55000-15000=40000

40000×11/10=44000-15000=29000

29000×11/10=31900-15000=16900

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