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.
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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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