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Amit borrows a sum of ₹ 8,000 at 10% p.a. compound interest for 4 years. He repays ₹ 2,800 at the end of the first year and ₹ 2,600 at the end of the second year. To clear the loan, how much should he pay after 4 years, interest being compounded yearly?

Amit borrows a sum of ₹ 8,000 at 10% p.a. compound interest for 4 years. He repays ₹ 2,800 at the end of the first year and ₹ 2,600 at the end of the second year. To clear the loan, how much should he pay after 4 years, interest being compounded yearly? Correct Answer <span style="">₹ 4,840 </span>

Given:

Amount borrowed = Rs. 8000

Concept Used:

Amount = P (1 + R/100)T

P = Principal

R = Rate of interest

T= time

Calculation:

Amount left after 1st year = 8000 + (10% of 8000) – 2800

⇒ 8800 - 2800

⇒ 6000

Amount left after 2nd year = 6000 + (10% of 6000) – 2600

⇒ 6600 - 2600

⇒ 4000

Amount to be paid at the end of 4th year = 4000(1 + 1/10)2

⇒ 4000 × 121/100

⇒ 4840

∴ At the end of the 4th year he pay Rs. 4840 to clear all his dues.

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