Please enter the following details
Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 8
A man borrows 6000 at 5% interest, on reducing balance, at the start of the year. If he repays 1200 at the end of each year, find the amount of loan outstanding, in , at the beginning of the third year.
Solution
Amount man gets after 1 year
= $$6000 + (\frac{6000 \times 5 \times 1}{100}) - 1200$$
= $$6000 + 300 - 1200 = 5100$$
$$\therefore$$ Amount at the beginning of third year, i.e. after 2 years
= $$5100 + (\frac{5100 \times 5 \times 1}{100}) - 1200$$
= $$5100 + 255 - 1200 = 4155$$
Video Solution
XAT Quant Questions | XAT Quantitative Ability
XAT Time, Distance and Work QuestionsXAT Averages, Ratio and Proportion QuestionsXAT Number Systems QuestionsXAT Probability, Combinatorics QuestionsXAT Quadratic Equations Questions
XAT DILR Questions | LRDI Questions For XAT
XAT Selection With Condition QuestionsXAT Data Interpretation Basics QuestionsXAT Quant Based LR QuestionsXAT Charts QuestionsXAT Truth Lie Concept Questions
