Question

Mr. Tarun needs Rs. 6,50,000 as loan for reconstruction of his house. He want repay full amount

after 5 years. For this, he makes a survey. After survey he finds that

I) Interest in S. B. I. Is 8% Per annum compounded annually

II) Interest in Cooperative Bank is 6% per annum compounded half yearly.

Now you find out the best suitable bank for Mr Tarun for taking loan​

Answer 1

Answer:

SBI !

Step-by-step explanation:

because if we talk about half yearly rate will be half which is good but time will be double which imply double charge

where as in Annually the whole process will be simple