A person took out a loan 16,000 rupees from a bank which charges interest compounded quarterly.The annual rate of interest is 10%.How much should he pay back after 9 months to settle the loan?
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Answers
Answered by
3
Step-by-step explanation:
❥︎Investment = 16000 Rs
Annual rate = 10%
Since Interest is compounded quarterly yearly, Interest has to be calculated four times a year.
Quarterly rate = 10/4=2.5%
Amount after 9 months = 16000(1+2.5/100)3
= 17230.25 Rs ..♥︎
Answered by
18
Answer:
✯Hi✯
P=₹16000
r= 10%=10 = 5
4 2
n=9 months=3 quarter
A=P(1+ r )n
100
=16000×(1+ 5 )^3
100
=16000( 205 )^3
200
=16000× 205 × 205 × 205
200 200 200
= 2×205×205×205
200×5
= 17230250
1000
=17230.25
He paid back ₹17230 to settle the loan.
Hope it helps u sis(◔‿◔)
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