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Question
Rajan borrowed Rs 90,000 at 15% p.a. compound interest. If he repays Rs 35,000 at the end of each year, find the amount of loan outstanding at the beginning of the fourth year.
Solution
P = Rs. 90,000, R = 15 °/o p.a.
Interest for first year
`=("Rs" 90000 xx 15 xx 1)/100`
= Rs 13500
Amount due after 1st year
= Rs. 90,000 +Rs. 13,500 = Rs 103,500
Amount paid after 1st year = Rs. 35,000
Balance amount= Rs. 103,500 - Rs. 35,000 =Rs. 68,500
Interest for second year
`=("Rs" 68500 xx 15 xx 1)/100`
= Rs 10,275
Amount due after 2nd year
= Rs. 68,500 + Rs. 10,275 = Rs 78,775
Amount paid after 2nd year =Rs. 35,000
Balance amount= Rs. 78,775 - Rs. 35,000 =Rs. 43,775
Interest for third year
`= ("Rs" 43775 xx 15 xx 1)/100`
= Rs 6,566.25
Amount due after 3rd year
= Rs. 43,775 +Rs. 6,566.25 = Rs 50,341.25
Amount paid after 3rd year = Rs.35, 000
Balance amount = Rs. 50,341.25 - Rs.35, 000
= Rs. 15,341.25
Loan outstanding at the beginning of the fourth year = Rs 15,341.25
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