Question

i took a loan of 30000 from a finance company. If the rate of interest s 7% per annum compounded annually calculate the amount i have to pay after 2 years

Answer 1

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Answer 2

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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