Question

mr.gupta took a home a loan 80,000 at 14% per annum .He repaid the loan after 10 years .How much amount did he pay?​

Answer 1

Answer:

Step-by-step explanation:

if the interest rate is simple ,

Amount paid = 80000 + SI

SI = 80000*10*14/100 = 112000

So Amount paid = 80000+112000 = 192000

If the interest rate is compound,

Amount paid = 80000(1+14/100)^10 = 80000*1.14^10

                      = 296577.70