A man borrows ₹12,500 at 20% compound interest per annum. At the end of every year, he pays Rs 2,000 as partial repayment. How much does he still owe after 3 such installments?
- 13,000
- 15,600
- 12,500
- None of these
Explanation
Year 1:
-
Start: ₹12,500
-
Interest: 20% of ₹12,500 = ₹2,500
-
Amount due = ₹12,500 + ₹2,500 = ₹15,000
-
After ₹2,000 payment: ₹15,000 - ₹2,000 = ₹13,000
Year 2:
-
Start: ₹13,000
-
Interest: 20% of ₹13,000 = ₹2,600
-
Amount due = ₹13,000 + ₹2,600 = ₹15,600
-
After ₹2,000 payment: ₹15,600 - ₹2,000 = ₹13,600
Year 3:
-
Start: ₹13,600
-
Interest: 20% of ₹13,600 = ₹2,720
-
Amount due = ₹13,600 + ₹2,720 = ₹16,320
-
After ₹2,000 payment: ₹16,320 - ₹2,000 = ₹14,320
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