a business loan of 800000 is to be prepared in full after two years what is the amount to be prepared if the effective rate of interest is 8%
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I=P*R*T/100
=800000*8*2/100
=8000*8*2 .... [100 and 800000 two 0's are cancelled]
=128000 is the interest
A=800000+128000
=928000 is the amount to be prepared
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