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Question
A man borrows Rs.10,000 at 10% compound interest compounded yearly. At the end of each year, he pays back 30% of the sum borrowed. How much money is left unpaid just after the second year ?
Solution
For 1st year :
P = Rs. 10,000; R = 10% and T = 1 year
Interest = Rs. `[10,000 xx 10 xx 1]/100`= Rs.1,000
Amount at the end of 1st year = Rs. 10,000 + Rs. 1,000 = Rs. 11,000
Money paid at the end of 1st year = 30% of Rs. 10,000 = Rs. 3,000
∴ Principal for 2nd year = Rs. 11,000 - Rs. 3,000 = Rs. 8,000
For 2nd year :
P = Rs. 8,000; R = 10% and T = 1 year
Interest = Rs. `[8,000 xx 10 xx 1]/[100]` = Rs. 800
Amount at the end of 2nd year = Rs. 8,000 + Rs. 800 = Rs. 8,800
Money paid at the end of 2nd year = 30% of Rs. 10,000 = Rs. 3,000
∴ Principal for 3rd year = Rs. 8,800 - Rs. 3,000 =Rs. 5,800.
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