Question

I took a loan of 30,000 from a finance company . If the rate of interest is 7 % per annum compound annually, calculate the amount I have to pay after two years.

Answer 1

AMOUNT =P(1+R/100)(1+R/100) ((P=principal,r=rate.2times because 2yrs))

3000(1+2/100)(1+2/100)

3000(51/50×51/50)

30×51/5×51/5 (( cancelling 2zeros))

6×51×51/50

=312.12 Rupees




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