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General

Easy

Question

# Ranbir borrows Rs20,000 at 12% per annum compound interest. If he repays Rs8400 at the end of the first year and Rs9680 at the end of the second year. Find the amount of loan outstanding at the beginning of the third year.

Hint:

### Find the interest every year, add it with the principal amount to get total amount and from that subtract the repaid amount every year.

## The correct answer is: Rs 6000

### Complete step by step solution:

Money borrowed by Ranbir at 12% compound interest, that is = Rs 20000

For first year,

We know that compound interest = Total amount - principal amount that is, CI = A - P …(i)

Here we have …(ii)

Here, we have T = 1 years, P = 20000 , R = 12% and A = ?

On substituting the known values in (ii), we get

On substituting the known values in (i), we get

Rs

Thus total amount after 1 year = 20000+2400=22400 Rupees.

Money repaid = Rs 8400

∴ Balance = 22400 - 8400 = 14000 Rupees.

For second year,

Here, we have T = 1 years, P = 14000 , R = 12% and A = ?

On substituting the known values in (ii), we get

On substituting the known values in (i), we get

Rs

Thus total amount after 1 year = 14000+1680=15680 Rupees.

Money paid at the end of second year by Ranbir = Rs 9680

∴ Loan at the beginning of third year = 15680 - 9680 = Rs 6000

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