A man borrows rs 12,000 at a compound interest rate of 8% p.a for 2 years . The Lender puts the condition that if the borrower fails to clear off his debt by the end of 2 years , he will have to increase the rate of interest to 10% p.a . how much will the man have to pay at the end of 3 years
(The answer is rs 15,396.48 [I want the workings for the answer])
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In situations with high risks, credit might create further problems for the borrower. ... He has to repay the credit along with the interest applied by the lender. This increases the problems for the borrower. In such a situation, he is forced to give up his collateral or asset used as the guarantee, to the
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