A man borrows ₹ 4000 from a bank at 7 frac{1} | vedclass

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Question

(A) The rate of interest $R = 7 \frac{1}{2} \% = 7.5 \% = \frac{15}{2} \% = 0.075$.Let the principal be $P = 4000$ and the annual installment be $I =

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$123.25$

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(A) The rate of interest $R = 7 \frac{1}{2} \% = 7.5 \% = \frac{15}{2} \% = 0.075$.Let the principal be $P = 4000$ and the annual installment be $I = 1500$.After the $1^{st}$ year,the amount becomes $4000 	imes (1 + 0.075) = 4300$. After paying $1500$,the balance is $4300 - 1500 = 2800$.After the $2^{nd}$ year,the amount becomes $2800 	imes (1 + 0.075) = 3010$. After paying $1500$,the balance is $3010 - 1500 = 1510$.After the $3^{rd}$ year,the amount becomes $1510 	imes (1 + 0.075) = 1623.25$. After paying $1500$,the final balance is $1623.25 - 1500 = 123.25$.Thus,the man still owes ₹ $123.25$ to the bank.

$A$ man borrows ₹ $4000$ from a bank at $7 \frac{1}{2} \%$ compound interest. At the end of every year,he pays ₹ $1500$ as part repayment of the loan and interest. How much does he still owe to the bank after three such instalments (in ₹)?

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