1. 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.
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By: anil on 05 May 2019 02.37 am
Amount man gets after 1 year = $$6000 + (frac{6000 imes 5 imes 1}{100}) - 1200$$ = $$6000 + 300 - 1200 = 5100$$ $$ herefore$$ Amount at the beginning of third year, i.e. after 2 years = $$5100 + (frac{5100 imes 5 imes 1}{100}) - 1200$$ = $$5100 + 255 - 1200 = 4155$$
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