Q. 24.1( 32 Votes )

Sameerrao has taken a loan of ₹ 12500 at a rate of 12 p.c.p.a. for 3 years. If the interest is compounded annually then how many rupees should he pay to clear his loan?

Answer :

Principal = 12500/-, Rate = 12% (p.c.p.a), Duration (n) = 3 years



3


A = 12500 (1+ 0.12)3


A = 12500 (1.12)3


A = 12500 (1.404928)


A = 17561.60/-


Sameerao has to pay an amount of 17561.60/- .


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