A loan of <15000 was taken on compound interest. If the
taken on compound interest. If the rate of compound
interest is 12 p.c.p.a. find the amount to settle the loan after 3 years.
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A loan of <15000 was taken on compound interest. If the
taken on compound interest. If the rate of compound
interest is 12 p.c.p.a. find the amount to settle the loan after 3 years.
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Answer:
Here, P = Principal = ₹ 15000
A = Amount
R = 12 %
N = 3 years
A = P (1+R/100)N
=15000 × (1+12/100)³
=15000 × (1+3/25)³
=15000 × (2825)³
=21073.92
Hence, the amount is ₹ 21073.92
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