Question

Samerrao has taken a loan of ₹12500 ata rate of 12 p.c.p.a.for 3 years .If the interest is compounded annually then how many rupees should he pay to clear his loan ?

Answer 1

Answer:

17561.6 or 17562

Step-by-step explanation:

principal= 12500

rate of interest r =12%

time t=3 yrs

amount = principal*(1+r/100) ^t

=12500*(1+12/100)^3

=12500 * 1.12* 1.12 * 1.12

= 17561.6