A moneylender wants 1/4 of the sum loaned every year as an interest. What will be the rate of interest if a shopkeeper burrows rs 15000 for 2 years from the moneylender? What is the amount he has to pay back?
Answers
Answer:
Rs 23437
Step-by-step explanation:
Borrowed amount = Rs 15000
Rate of interest = 2 years
Percentage = 1/4 of summed loan every year
for first year the interest would be = Borrowed amount * rate of interest
=15000 * 1/4
=Rs 3750
Next year loan would be = 15000 + 3750
= 18750
Interest on next year summed loan would be = 18750 * 1/4
=Rs 4687
Summed loan would be = 18750 + 4687
= Rs 23437
Amount he has to pay = Rs 23437
Answer:
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