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
