Mathematics · Compound Interest
A person takes a loan of ₹40,000 for 3 years at 8% per annum compound interest compounded annually. He repaid ₹20,000 at the end of each of the 1st and the 2nd years. The amount (in ₹) that he should pay at the end of the 3rd year to clear all his debt is (nearest to an integer):
- 15,640
- 25,460✓
- 36,540
- 45,064
Correct answer
5,460
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