Browse by Stream
QnA
Home
QnA
Go To Your Study Dashboard

Get Answers to all your Questions

header-bg qa
  • Home
  • Management
  • A person borrowed a sum of Rs.20000 at a rate of 20% p.a compounded annually for three years. But after two years he paid Rs.12800 and after 3rd year he cleared the remaining balance. How much did

A person borrowed a sum of Rs.20000 at a rate of 20% p.a compounded annually for three years. But after two years he paid Rs.12800 and after 3rd year he cleared the remaining balance. How much did he pay at the end of the 3rd year?

Option: 1

Rs.18200


Option: 2

Rs 18700


Option: 3

Rs.19200


Option: 4

None of these


Answers (1)

best_answer

P = 20000 

 R = 20 % 

Amount after 2 years = P [1+r/100]2

20000 [ 1+20/100]2

= 28800

He paid 12800 so remaining amount 28800 – 12800 

= 16000 

Amount after 3 years = 16000 [ 1+20/100] 

=16000 x 6/5 

=96000/5 

= 19200 Rs.

 

Posted by

Ritika Kankaria

View full answer

Similar Questions

Trending Articles/News

anam-khan

3.29 lakh registered for CAT 2024; how many apply, qualify CAT every year?
anam-khan

CAT 2024: IIM Calcutta announces MBA admission policy; 48% weightage to interview
anam-khan

CAT 2024: IIM Kozhikode revises admission criteria; 10% drop in Class 10 weightage

Latest Question