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A man borrowed Rs 5000 at 10% per annum compound interest. At the end of each year he has repaid Rs 1500. The amount of money he still owes after the third year is 

(a) Rs 1600 

(b) Rs 1690 

(c) Rs 1700 

(d) Rs 1790

1 Answer

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by (49.2k points)
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Best answer

(b) Rs 1690

Since the man repays Rs 1500 at the end of each year

\(\therefore\) Amount he owes at the end of 1st year = 5000\(\big(1+\frac{10}{100}\big)\) - 1500

= 5500-1500 = Rs 4000

Amount he owes at the end of 2nd year

= 4000\(\big(1+\frac{10}{100}\big)\)- 1500

= 4000 - 1500= Rs 2900

Amount he owes at the end of 3rd year

= 2900\(\big(1+\frac{10}{100}\big)\)- 1500

= 3190 – 1500 = Rs 1690

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