Mathematics · Compound Interest
A man borrows Rs. 12,500 at 20% per annum compound interest, compounded annually. At the end of every year, he pays back Rs. 2,000 as part repayment. How much does he still owe after paying three such annual installments?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs. 14,320✓
- 2Rs. 15,600
- 3Rs. 12,864
- 4Rs. 12,000
Correct answer
Rs. 14,320
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