nisha borrowed a sum of 3 12000 from the HDFC bank for 1 year. If the rate of interest is 16% pe
annum compounded quarterly, find the compound interest that Nisha has to pay to the bank after
1 year.
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Answer:
P= 312000,R=16,N=1
Step-by-step explanation:
A=P(1 +R /100)
A=312000(1+16/100)
(by cross multiplication)
A=312000(100+16/100)
A=312000×116/100
(by cutting 0)
A=3120×116
A=316920
Compound interest = Amount - principal
Compound interest = 316920 - 312000
Compound interest = 4920
Hope it helps you
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