Question

Kamal took a loan of Rs 12000 from a bank which charges 13/2% per annum interest compounded annually. What amount has he to return to the bank at the end of 3 years.

Solve this problems by simple method

Answer 1

Here, interest is compounded half-yearly.So,

Time, t=3 half years

Rate of interest r=102=5% per half yearly

Loan amount, P=12000 Rs

So, Amount to be repaid, A=12000(1+5100)3

A=12000∗(2120)∗(2120)∗(2120)=13891

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