11. A man borrows 10,000 at 10% compoundinterest compounded yearly. At

1.	11. A man borrows 10,000 at 10% compoundinterest compounded yearly. At the end ofeach year, he pays back 30% of the sumborrowed. How much money is left unpaidjust after the second year?
Answer» For first year: P = 10000 R = 10% T = 1yr Interest = 1000 A = P + I = 10000 + 1000 = 11000 We know that he pays 30% of amount every year 30 / 100 x 11000 = 3300 So the total amount paid = 11000 - 3300 = 7700For second year: P = 7700 R = 10% T = 1 yr Interest = 770 A = P+ I = 7700 + 770 = 8470 He pays 30% of amount again 30/100 x 8470 = 2541 Total amount paid = 8470-2541 So the loan is 6091

11. A man borrows 10,000 at 10% compoundinterest compounded yearly. At the end ofeach year, he pays back 30% of the sumborrowed. How much money is left unpaidjust after the second year?

Answer»

For first year:

P = 10000

R = 10%

T = 1yr

Interest = 1000

A = P + I = 10000 + 1000 = 11000

We know that he pays 30% of amount every year

30 / 100 x 11000 = 3300

So the total amount paid = 11000 - 3300 = 7700For second year:

P = 7700

R = 10%

T = 1 yr

Interest = 770

A = P+ I = 7700 + 770 = 8470

He pays 30% of amount again

30/100 x 8470

= 2541

Total amount paid = 8470-2541

So the loan is 6091