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Answers
Question 6:
Loan amount = Rs 12000
Period = 2 years 6 months
Interest rate = 14% per annum
Since the interest is added only yearly, Payal needs to pay the interest for 2 years only.
Total payable amount = 12000(1 + 0.14)² = Rs 15595.20
Answer: Payal needs to pay Rs 15595.20
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Question 7:
Simple Interest:
Principal amount = Rs 12500
Period = 3 years
Simple interest rate = 5%
Amount payable at the end of 3 years = 12500 + 12500x3x0.05 = Rs 14375
Compound Interest:
Principal amount = Rs 12500
Period = 3 years
Compound interest rate = 5%
Amount payable at the end of 3 years = 12500(1 + 0.05)³ = Rs 14470.31
Answer: Khushwant needs to pay Rs 14375 if it is based on simple interest rate and Rs 14470.31 if it is based on compound interest rate.
Loan amount = Rs 12000
Period = 2 years 6 months
Interest rate = 14% per annum
Since the interest is added only yearly, Payal needs to pay the interest for 2 years only.
Total payable amount = 12000(1 + 0.14)² = Rs 15595.20
Answer: Payal needs to pay Rs 15595
Question 7:
Simple Interest:
Principal amount = Rs 12500
Period = 3 years
Simple interest rate = 5%
Amount payable at the end of 3 years = 12500 + 12500x3x0.05 = Rs 14375
Compound Interest:
Principal amount = Rs 12500
Period = 3 years
Compound interest rate = 5%
Amount payable at the end of 3 years = 12500(1 + 0.05)³ = Rs 14470.31
Answer: Khushwant needs to pay Rs 14375 if it is based on simple interest rate and Rs 14470.31 if it is based on compound interest rate.