A man borrows ₹ 25000 at 20 % compound intere | vedclass

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Question

(A) Let the principal be $P = 25000$,rate $R = 20 \%$,and annual repayment $A = 5000$.After the $1^{st}$ year,the amount becomes $25000 	imes 1.2 = 3

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$25000$

Vedclass · Answer

(A) Let the principal be $P = 25000$,rate $R = 20 \%$,and annual repayment $A = 5000$.After the $1^{st}$ year,the amount becomes $25000 	imes 1.2 = 30000$. After paying $5000$,the balance is $30000 - 5000 = 25000$.After the $2^{nd}$ year,the amount becomes $25000 	imes 1.2 = 30000$. After paying $5000$,the balance is $30000 - 5000 = 25000$.After the $3^{rd}$ year,the amount becomes $25000 	imes 1.2 = 30000$. After paying $5000$,the balance is $30000 - 5000 = 25000$.Thus,after three instalments,the remaining amount is ₹ $25000$.

$A$ man borrows ₹ $25000$ at $20 \%$ compound interest. At the end of every year,he pays ₹ $5000$ as part repayment. How much (in ₹) does he still owe after three such instalments?

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