Kapil took a loan of rupees 12000 from a bank for a period of 1 year if the bank charge compound interest quarterly at the rate of 15% how much interest does he has to pay to the bank
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Answer:
1401.25
Step-by-step explanation:
p=₹12000
t=1yr = 12/12
r=15%
a=p[1+ r/400]⁴ⁿ
12000[1+15/400]⁴
12000[83/80]⁴
12000×83/80×83/80×83/80
=13401.25
13401.25-12000
=1401.25
kapil has to pay ₹1401.25 as interest.
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