Mr Sharma took a loan of Rs 50,000 for 18 months at 10% per annum compounded half yearly. How much he has to pay back to clear his loan ?
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Answer:
65,000
Step-by-step explanation:
Principal= Rs.50,000
Time= 18 months =18/12 years =3/2 years
Rate of Interest = 10% per half year =10×2 =20% per annual
Simple Interest =PRT/100
=15000
Amount =Rs.(50,000+15000)
=Rs. 65,000
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