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Amit borrowed 20,000 at 12% per annum
compound interest. If he pays 40% of the sum
borrowed at the end of the first year

By Jasmine

Amit borrowed 20,000 at 12% per annum
compound interest. If he pays 40% of the sum
borrowed at the end of the first year and 40%
of the sum borrowed at the end of the second
year, find the amount of loan outstanding at the
beginning of the third year.( With full solution)​

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Jasmine

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1 thought on “Amit borrowed 20,000 at 12% per annum<br />compound interest. If he pays 40% of the sum<br />borrowed at the end of the first year”

  1. Step-by-step explanation:

    40/100 x 20,000 = 8000

    P = 20,000

    R = 12%

    I = 20000 x 1 x 12 / 100

    I = 2400

    A at end of year 1 = 22400

    Amit paid 8000 so pending money for second year will be 22400-8000 = 14,400

    P = 14,400

    R = 12%

    I = 14400 x 1 x 12 / 100

    I = 1728

    A at the end of second year = 14400 + 1728 = 16128

    Amit paid off 8000 again.

    So remaining money is 16128-8000= 8120

    (You can use the compound interest formula for both cases to get the same answer)

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