Compound Interest Practice Test 1

P = 6,000 R = 10% T = 1 year
SI=

6000×10×1

100

=600
Amount = 6,000 + 600 = Rs 6,600
Amount paid in the first year = Rs 2,000
Amount paid in the second year = Rs 4,600
SI=

4600×10×1

100

=460
Amount paid in the second year = 4,600 + 460 = Rs 5,060
Paid amount = Rs 2,000
Money left = 5,060 - 2,000 = Rs 3,060
In the third year he should pay Rs 3,060 to clear all his dues