Question

7. Ansha borrowed Rs 62,500 for 2 years at 12% p. a. compounded annually How
much money is required to clear the loan after 2 years.

Answer 1

Given : borrowed rs 62500 for 2 years at the rate of 12 % per annum compounded annually

To Find : how much money is required to clear the loan after 2 years

Solution:

P = 62500

R = 12 %

n = 2 Years

A = P(1 + R/100)ⁿ

=> A = 62500 (  1  + 12/100)²

=> A = 62500 ( 1 + 3/25)²

=> A = 62500 ( 28/25)²

=> A = 62500 * 28²/25²

=> A = 62500 *784/625

=> A = 78400

Rs 78400 required to clear the loan amount.

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