Question

Sameerrao has taken a loan of Rs. 12500 at a rate of 12 p.c.p.a. for
3 years. If the interest is compounded annually then what amount
should he repay to clear his loan?​

Answer 1

Answer:

Rs. 17562

Step-by-step explanation:

A = P(1+i)ⁿ

  where, A= amount = Principal+ interest

              P = Principal

               i = Rate of interest / 100

               n = no. of years

∴ A = 12500 ( 1+0.12)³

      = 12500 × 1.404928

      = Rs. 17561.6 ≅ Rs. 17,562

Therefore, he should repay Rs. 17562 to clear his loan.

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