Question

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Rajesh has taken off loan of rupees 20000 @ 10 pcpa for 3 years if the interest is compounded annually then how many Rupees should he pay to clear his loan ​

Answer 1

||✪✪ QUESTION ✪✪||

Rajesh has taken off loan of rupees 20000 @ 10 pcpa for 3 years if the interest is compounded annually then how many Rupees should he pay to clear his loan ?

|| ✰✰ ANSWER ✰✰ ||

we know that, when interest is compounded annually ,

☛ A = P [ 1 + (R/100) ]^T

Given that :-

⤖ P = 20000

⤖ R = 10%

⤖ T = 3 years .

Putting all values in Formula now, we get,

☞ A = 20000 [ 1 + (10/100) ]³

☞ A = 20000 [ 1 + 1/10 ]³

☞ A = 20000 (11/10)³

☞ A = (20000 * 11 * 11 * 11) / (10 * 10 * 10)

☞ A = ( 20000 * 1331) /(1000)

☞ A = Rs.26,620

Hence, Rajesh has to pay Rs.26,620 now to clear His Loan..

Answer 2

Answer : ₹ 26, 620

$\rule{100}2$

Given :

• Rajesh has taken loan ( Principal ) = ₹ 20,000
• Rate = 10 percent.
• Time = 3 years

To Find :

• Amount

Solution :

We know that :-

$\bf A= P(1 + \frac{R}{100})^T$

Substitute the given values in the formula. We get,

$\sf A = 20000( 1 + \dfrac{10}{100})^3$

$\sf A = 20000( \dfrac{100+10}{100})^3$

$\sf A = 20000(\dfrac{11}{10})^3$

$\sf A = 20000\times\dfrac{1331}{1000}$

$\sf A = 20\times 1331$

$\sf\therefore A = 26,620$

Hence,

He has to pay ₹ 26,620 to clear his loan

$\rule{200}2$