A man borrows ₹ 4000 from a bank at 7 frac{1} | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(A) The rate of interest $R = 7 \frac{1}{2} \% = 7.5 \% = \frac{15}{2} \% = 0.075$.Let the principal be $P = 4000$ and the annual installment be $I =

Vedclass · Accepted Answer

$123.25$

Vedclass · Answer

(A) The rate of interest $R = 7 \frac{1}{2} \% = 7.5 \% = \frac{15}{2} \% = 0.075$.Let the principal be $P = 4000$ and the annual installment be $I = 1500$.After the $1^{st}$ year,the amount becomes $4000 	imes (1 + 0.075) = 4300$. After paying $1500$,the balance is $4300 - 1500 = 2800$.After the $2^{nd}$ year,the amount becomes $2800 	imes (1 + 0.075) = 3010$. After paying $1500$,the balance is $3010 - 1500 = 1510$.After the $3^{rd}$ year,the amount becomes $1510 	imes (1 + 0.075) = 1623.25$. After paying $1500$,the final balance is $1623.25 - 1500 = 123.25$.Thus,the man still owes ₹ $123.25$ to the bank.

$A$ man borrows ₹ $4000$ from a bank at $7 \frac{1}{2} \%$ compound interest. At the end of every year,he pays ₹ $1500$ as part repayment of the loan and interest. How much does he still owe to the bank after three such instalments (in ₹)?

Similar Questions

$B$ borrows ₹ $5,000$ from $A$ at $6 \%$ p.a. simple interest and lends it to $C$ at compound interest of $10 \%$ p.a. If $B$ collects the money back from $C$ after $2$ years and repays $A$,the profit made by $B$ in the transaction is (in ₹):

What would be the $C.I.$ obtained on an amount of $Rs. 4800$ at the rate of $5$ $p.c.p.a$ for $3$ years (in $Rs.$)?

The compound interest (in ₹) on ₹ $2000$ at $5 \%$ per annum,compounded yearly,for $2$ years is

$A$ sum of money at compound interest amounts in two years to Rs. $2809,$ and in three years to Rs. $2977.54.$ Find the rate of interest and the original sum.

What will be the compound interest on a sum of ₹ $25000$ after $3$ years at the rate of $12 \%$ per annum?

Vedclass Test Series

Exam Paper Generator

Online Exam Module