Arun took a loan ₹690674 from kuber finance. if the company charges interest at 16% per annum,compound quarterly,what amount will discharge his debt after one year?
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Answer:
Rate = 16% per annum
= 8% per half-year
= 4 per quarter year
Time = 1 year
= 2 half year
= 4 quarter years
Amount = P ( 1 + R/100 ) ^n
= 690674 ( 1 + 4/100 ) ^4
= Rs. 807990.891
CI = Amount - Principal
= 807990.891 − 690674
= Rs. 117316.891
Please mark me Brilliant answer..
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