Question

Rakesh took
a loan of $ 9000 from the
bank. He paid back $ 10080 to the bank in
One year giving equal amount in each month.
How much intereet did he return ? How much did
he
month ?


​

Answer 1

Answer:Compound Interest = P×(1+0.01×R)

2×n

Given: Loan Rs. 80,000

Rate R= 10 %

T= 1.5 years

Calculated Semi annually,

Hence, R=

2

10

​

= 5 %

Amount = 80000×(1+0.01×5)

3

= Rs. 92,610

Step-by-step explanation: