Question

a person borrowed some money at 16 p.a. compound interest, compounded quaterly. he pais rs. 17576 every time to pay back whole amount after 3 months, 6 months and 9 months. find the initial amount.

Answer 1

Answer:

According to the question,

P = Rs. 15625, r = 16% per annum = 16%/4 per quarter = 4% per quarter

n = 9 months = 3 quarters

Amount = P(1 + r/100)n = 15625(1 + 4/100)3 = Rs. 17576

Interest = A - P = 17576 - 15625 = Rs. 1951

Step-by-step explanation:

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