Question 23134: Sir, pl. help to solve this simple interest question.
A man borrowed Rs. 80,000 from a bank at rate 7% per annum. After 2 years, he returned Rs. 30,000. How much balance amount he has to pay at the end of 5th year. Ans is Rs. 71700.
Answer by stanbon!(97)   (Show Source):
You can put this solution on YOUR website! Is this what you mean?
He accumulated simple (not compound) interest on the loan
for two years at 7% annual rate, then he paid off
30000 of the combined pricipal and accumulated interest.
Then he accumulated 7% simple (not compound) interest for
three years on that remaining balance and finally paid
off the entire accumulated balance?
If your answer to this question is , yes, I do not see
how the answer to the question is 71700.
Cheers,
Stan H.
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