Question

Ravi purchased a house from DDA on credit. HI if the cost of the house is 7,50,000 charges interest at 6% per annum compounded annually find the interest paid by Ravi if you make payment to DDA after 3 years.

Answer 1

Amount =p[(1+r/100)^n-1]

=7,50,000[(100+6/100)^3-1]

=7,50,000[(106/100)^3-1]

=7,50,000(106/100×106/100×106/100-1)

=7,50,000(1191016-1000000/1000000)

=7,50,000×191016/1000000

=143262 ans