Aum borrowed ₹8000 from a co-operative bank at a nominal rate of 4 % pa,
How much interest will aum have to pay after 3 years of the interest is compounded annually?
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Step-by-step explanation:
The amount he will pay after 3+ 1/2 years is Rs. 948.97.
Step-by-step explanation:
Principal=Rs. 800
Rate of interest (r)= 5% = 0.05
Time t = 3+ 1/2 years= 7/2 years.
The formula of amount is
where, P is principal amount, r is interest rate, t is time in years.
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