how much money can ishwar lend to get rs 1831.50 in two year 9 month at 12 ℅ annual rate of interest
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interest for 1 year = 12 %
interest for quarter or 3 months = 12 /3 % =4%
in two year 9 months we have = 11 quarters
let Principal amount = P
amount =1831.50
amount = P [ 1 + r /100 ]^ n
1831.50 = P [ 1 + 4 /100] ¹¹
1831.50 =P [ 1.04 ] ¹¹
1831.50 / 1.54 = P
P =1189.28
interest for quarter or 3 months = 12 /3 % =4%
in two year 9 months we have = 11 quarters
let Principal amount = P
amount =1831.50
amount = P [ 1 + r /100 ]^ n
1831.50 = P [ 1 + 4 /100] ¹¹
1831.50 =P [ 1.04 ] ¹¹
1831.50 / 1.54 = P
P =1189.28
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