Question

ruhi obtained a loan of rupees 55000 from a national bank to renovate her house.if the rate of interest is 12% per annum,what amount will she have to pay to the bank after 3years to discharge her debt?​

Answer 1

Answer:

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Step-by-step explanation:

The formula to find the compound amount after years:

A=P(1+r)^t

A=P(1+r)t

, where

P= Initial amount borrowed

r=rate of interest ( in decimal)

As per given , we have

P= ₹ 55000

r= 12%= 0.12

t= 3

Then, the amount will she have to pay to the bank after 3 years to discharge her debt would be (Put the above values in the formula)

A=55000(1+0.12) ³

=55000(1.12)³

=77271.04

Hence, She will have to pay ₹77,271.04 to the bank after 3 years to discharge her debt .