Question

Govind took a loan of ₹12000 from a bank for a period 1 year . Of the bank charges compounded interest quarterly at the rate of 16% p.a.,how much interest has he to pay to the bank ?

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Answer 1

P=12000

T=1 year

R=16%

PTR/10

12000X1X16/100

12000X16/100

1,92,000/100=1920

12000+1920=13920

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Answer 2

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