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A man pays INR 13, 200 and INR 16, 800 after first and second year on loan he borrowed of INR 52000 at 15% rate from the bank. How much money is left to pay in order to settle the loan? 

A man pays INR 13, 200 and INR 16, 800 after first and second year on loan he borrowed of INR 52000 at 15% rate from the bank. How much money is left to pay in order to settle the loan?  Correct Answer 42308.5

Principal amount: 52000

Amount to be paid after first year

⇒ 52000(1 + (15 / 100))

⇒ 52000(1 + (3 / 20))

⇒ 52000(23 / 20)

⇒ 2600 × 23

⇒ 59800

13, 200 paid at end of first year.

Amount left to be paid = 59800 – 13200 = 46, 600

Amount to be paid after two years

⇒ 46600(23 / 20)

⇒ 2330(23)

⇒ 53590

16800 paid at end of second year,

⇒ 53590 – 16800

⇒ 36790

Amount to be paid at end of third year,

⇒ 36790 × (1 + (15 / 100)) = 36790 × 23 / 20

⇒ 42308.5

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