A man borrows ₹12,500 at 20% compound interest per annum. At the end of every year, he pays Rs 2,000 as partial repayment. How much does he still owe after 3 such installments?
Answer: None of these
Explanation
Year 1:
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Start: ₹12,500
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Interest: 20% of ₹12,500 = ₹2,500
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Amount due = ₹12,500 + ₹2,500 = ₹15,000
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After ₹2,000 payment: ₹15,000 - ₹2,000 = ₹13,000
Year 2:
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Start: ₹13,000
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Interest: 20% of ₹13,000 = ₹2,600
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Amount due = ₹13,000 + ₹2,600 = ₹15,600
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After ₹2,000 payment: ₹15,600 - ₹2,000 = ₹13,600
Year 3:
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Start: ₹13,600
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Interest: 20% of ₹13,600 = ₹2,720
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Amount due = ₹13,600 + ₹2,720 = ₹16,320
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After ₹2,000 payment: ₹16,320 - ₹2,000 = ₹14,320
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