Mathematics · Compound Interest
Ram borrows Rs. 50,000 at 5% compound interest per annum. At the end of each year, he pays back Rs. 2,100. What amount should he pay at the end of the third year to completely clear his loan?
- 1Rs 53,361✓
- 2Rs 54,461
- 3Rs 53,481
- 4Rs 53,461
Correct answer
Rs 53,361
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