Gaurav takes a lone of ₹50000 to buy a motorbike from a bank at the interest rate of 12% per annum. The loan has to be repaid in 5 years. Find the amount Gaurav has to return to bank after 5 years.
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Answered by
7
method of computation of interest in banks = compound interest
Principal amount (p) = 500000
rate of interest = i = 12%
time = n = 5years
compounded amount = P(1+i)^n
= 500000(1 + 12/100)^5
= 500000(1 + 0.12 )^5
= 500000(1.12)^5
=500000(1.76234168)
=881171(Approx)
Answered by
0
Given - Principal, rate and time
Find - Amount
Solution - The amount to be returned to the bank is Rupees 88117.
Amount = 50000 (1+ 12/100)⁵
Performing division to find the amount.
Amount = 50000 (1+0.12)⁵
Performing addition to finding the amount.
Amount = 50000*1.12⁵
Calculating power to find the amount.
Amount = 50000*1.76
Performing multiplication to find the amount.
Amount = 88117
Thus, the amount to be returned to the bank is Rupees 88117.
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