7. Mukesh borrowed 75000 from a bank. If the rate of interest is 12% per annum find
the amount he would be paying after 15 years if the interest is
(1) compounded annually
(ii) compounded half yearly
Answers
Answer:If Mukesh borrowed 75,000 from a bank and the rate of interest is 12% per annum,
Then , 12% of 75,000
=> ₹(12 × 75,000 / 100)
=> ₹(12 × 750)
=> ₹9,000
Total interest per annum = ₹(75,000+9,000)
= ₹ 84,000
In one and half years = ₹ (84,000 + 42,000)
= ₹ 1,26,000
Compound interest = 12% of 84000
= ₹ 10080
Compounding annually = ₹ (10080 + 84000)
= ₹ 94080
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Answer:
Answer:If Mukesh borrowed 75,000 from a bank and the rate of interest is 12% per annum,
Then , 12% of 75,000
=> ₹(12 × 75,000 / 100)
=> ₹(12 × 750)
=> ₹9,000
Total interest per annum = ₹(75,000+9,000)
= ₹ 84,000
In one and half years = ₹ (84,000 + 42,000)
= ₹ 1,26,000
Compound interest = 12% of 84000
= ₹ 10080
Compounding annually = ₹ (10080 + 84000)
= ₹ 94080
Step-by-step explanation: