Q. 84.1( 17 Votes )

# Anand obtained a loan of Rs. 125000 from the Allahabad Bank for buying computers. The bank charges compound interest at 8% per annum, compounded annually. What amount pwill he have to pay after 3 years to clear the debt?

Answer :

Present value = Rs.125000

Interest rate = 8% per annum

Time = 3 years

Amount (A) = P (1 + R/100)^{n} [Where, P = Present value

R = Annual interest rate

n = Time in years]

∴ A = 125000 (1 + 8/100)^{3}

⇒ A = 125000 (108/100)^{3}

⇒ A = 125000 × 108/100 × 108/100 × 108/100

⇒ A = 125000 × 1259712/1000000

⇒ A = 125 × 1259712/1000

⇒ A = 1259712/8

⇒ A = 157464

∴ Amount = Rs.157464

∴ Anand has to pay Rs.157464 after 3 years to clear the debt.

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