Krish borrowed 320000 from Deepak at 7% per annum. After 7 years he cleared the amount by giving *25000 cash and an antique showpiece. Find the cost of the showpiece.
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principle amount borrowed - 320000
total amount to be paid after 7 years @7 % ROI will be-
=320000×(1+ (⁷÷¹⁰⁰))⁷
the amount to be paid came 513850.07
now remove the part paid in case
= 513850.07 - 25000
remaining to be paid through any other means will be
= 488850.07
the cost of antique piece is 488850.07
note - based on calculation of compound interest
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