Question

2) A person took out a loan of 16,000 rupees from a bank which
charges interest compounded quarterly. The annual rate of interest is
10%. How much should he pay back after 9 months to settle the
loan?​

Answer 1

Step-by-step explanation:

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Answer 2

Answer:

Given

A person took out loan 16000 rupees from a bank which charges interest compounded quarterly .the annual rate of interest is 10%.how much should be pay back after 9 months to settle the loan

Loan amount = Rs 16,000

Annual rate of interest = 10%

This is a quarterly compounding, so interest will be 4 times a year.

So quarterly rate = 10 / 4 = 2.5 %

Now we need to calculate amount after 9 months