Home » Aptitude » Compound Interest

A man borrows Rs. 4000 from a bank at 7 1/ 2% compound interest. At the end of every he pays Rs. 1500 as part repayment of loan and interest. How much does he still owe to the bank after there such installments?

Correct Answer: Rs. 123.25

Explanation:

Balance = Rs.[{4000 x (1 x 15/2 x 100)3} - {1500 x (1 + 15/2 x 100)2 + 1500 x (1 + 15/2 x 100) + 1500}]
= Rs. 123.25


← Previous Question Next Question→

More Questions from Compound Interest

Discussion & Comments

No comments yet. Be the first to comment!
Join Discussion