A person buys loan of rs 45000 from a bank at compound interest at the rate of 10 %. HE REPAYS it in the three annual installment that are in arithmetic progrsson. He ends up paying 54000 in all. How much did he pay in first year?
what would be correct approach for question no. 8?
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Question of the Day!
[Appeared XAT 2012]
A man borrows 6000 at 5% interest, on reducing balance, at the start of the year. If he repays 1200 at the end of each year, find the amount of loan outstanding, in , at the beginning of the third year.