A man borrows Rs. 3000 at 10% per annum and promises to pay Rs. 1000 every year. If he wish to finish all his what amount he have to pay in third year

Answer

To solve the problem step by step, we will calculate the amount due at the end of each year, taking into account the interest and the payments made.

### Step 1: Calculate the amount due after the first year
The initial amount borrowed is Rs. 3000, and the interest rate is 10% per annum.

1. **Calculate interest for the first year:**
\[ \text{Interest} = \text{Principal} \times \text{Rate} = 3000 \times \frac{10}{100} = 300 \]

2. **Total amount due after the first year:**
\[ \text{Total Amount} = \text{Principal} + \text{Interest} = 3000 + 300 = 3300 \]

3. **Payment made at the end of the first year:**
\[ \text{Payment} = 1000 \]

4. **Remaining amount after the first year:**
\[ \text{Remaining Amount} = 3300 - 1000 = 2300 \]

### Step 2: Calculate the amount due after the second year
Now, we will calculate the interest on the remaining amount of Rs. 2300.

1. **Calculate interest for the second year:**
\[ \text{Interest} = 2300 \times \frac{10}{100} = 230 \]

2. **Total amount due after the second year:**
\[ \text{Total Amount} = 2300 + 230 = 2530 \]

3. **Payment made at the end of the second year:**
\[ \text{Payment} = 1000 \]

4. **Remaining amount after the second year:**
\[ \text{Remaining Amount} = 2530 - 1000 = 1530 \]

### Step 3: Calculate the amount due after the third year
Now we will calculate the interest on the remaining amount of Rs. 1530.

1. **Calculate interest for the third year:**
\[ \text{Interest} = 1530 \times \frac{10}{100} = 153 \]

2. **Total amount due after the third year:**
\[ \text{Total Amount} = 1530 + 153 = 1683 \]

### Step 4: Final payment in the third year
To clear all dues, the man needs to pay the total amount due at the end of the third year.

\[ \text{Final Payment} = 1683 \]

### Summary of the Solution
The man has to pay Rs. 1683 in the third year to finish all his dues.

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