Anirudh took a loan of rupees 8192 from Pravin to buy a washing machine at 12.5% t a compound half yearly the loan was repaired after 1 whole 1 upon 2 year calculate the amount that Anirudh had to pay to clean the loan.
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Answer:
Calculate:
Total P+I (A)
Where: A = P(1 + r/n)^(nt)
Principal (P): $ 8,192.00
Rate (R): % annual 12.5
Compound (n): Compounding Semi-Annually (2/Yr)
Time (t in years): 1.5
Answer:
A = $ 9,826.00
A = P + I where
P (principal) = $ 8,192.00
P (principal) = $ 8,192.00I (interest) = $ 1,634.00
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