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Question
A man borrows Rs. 6,000 at 5% C.I. per annum. If he repays Rs. 1,200 at the end of each year, find the amount of the loan outstanding at the beginning of the third year.
Solution
Given that the amount borrowed = Rs. 6,000.
Rate per annum = 5%
Interest on Rs. 6,000 = `5/100` × Rs. 6,000 = Rs. 300
So, amount at the end of the first year = Rs. 6,000 + Rs. 300 = Rs. 6,300
Amount left to be paid = Rs. 6,300 - Rs. 1,200 = Rs. 5,100.
Interest on Rs. 5,100 = `5/100` × Rs. 5,100 = Rs. 255
So, amount at the end of the second year = Rs. 5,100 + Rs. 255 = Rs. 5,355.
Amount left to be paid = Rs. 5,355 - Rs. 1,200 = Rs. 4,155.
Hence, the amount of the loan outs tan ding at the beginning of the third year is Rs. 4,155.
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