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A man borrows Rs. 50000 at 12% p.A., compounded half-yearly. He pays back Rs. 18000 at the end of every six months. Calculate the third payment, he has to make to clear the entire loan

Respuesta :

Answer:

Rs. 20246

Step-by-step explanation:

According To the Question,

  • Given, A man borrows Rs. 50000 at 12% per Annum(compounded half-yearly). Thus the Rate of Interest for 6 months would be 6%.
  • Now, He pays back Rs. 18000 at the end of every six months.

Thus, the third payment, he has to make to clear the entire loan.

First-Payment = ( 50000 x 1.06 ) - 18000  ⇔  35000 Rs.

Second-Payment = (35000 x 1.06) - 18000  ⇔ 19100 Rs.

Third-Payment = (19100 x 1.06 ) ⇔ 20246 Rs. the third payment, he has to make to clear the entire loan.

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