Question

kapil took a loan of ₹ 12000 from a bank for a period of 1 years.if the bank charges compound interest quarterly at the rate of 16%.how much interest does he has to pay to the bank?

Answer 1

to calculate
Principal= 12000
Rate of Interest = 16
Time=1 yrs = 4 units
Amount=
$p {(1 + \frac{r}{100}) }^{t}$
CI = Amount-Principal
CI=21727.67232-12000
CI=9727.67232