A company gives loan for purchase of household goods.if a loan of rs:7500 is given for 1 year to purchase a TV at 20% interest compounded quarterly,find the amount to be returned after 1 year.
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7875 is the amount returned after 1 year
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Sum=7500
Time =1 year
Rate 20%
But interest compounded quarterly so rate will be 20/4=5%
And time 4 quarters
Amount =p(1+(r/100)^t
=7500(105/100)^4
=7500(21/20)^4
Amount =9116.30₹
Time =1 year
Rate 20%
But interest compounded quarterly so rate will be 20/4=5%
And time 4 quarters
Amount =p(1+(r/100)^t
=7500(105/100)^4
=7500(21/20)^4
Amount =9116.30₹
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