Mathematics · Compound Interest
A person borrows a sum of ₹27,400 at a compound interest rate of 20% per annum, compounded annually. At the end of each year, he pays ₹1,000 as a part payment. Find his remaining loan balance after two such installments.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹37,073
- 2₹37,178
- 3₹37,256✓
- 4₹37,123
Correct answer
₹37,256
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