Question

Hardik borrowed rupees 20000 from a bank at an interest rate of 8% p.a, compounded annually, for 24 months. Find the amount that he will have to pay after this time period. (take 1.08²=1.16)​

Answer 1

Answer:

P-20000

R-8%

T-24 mnths

=24/12=2 years

for 1 year

I=P*R*T/100

20000*8*1/100*12