Question

Sania Took a loan of 16000 against her insurance policy at the rate of 12.5% per annum compounded annually find the compound interest payable by her after 3 years​

Answer 1

Answer:

6781.25

Step-by-step explanation:

Given:

Principle (P) = 16,000

Rate (R) = 12.5% i.e. 0.125

Time (N) = 3 yrs

$CI = P[(1 + i)^n-1]$

$CI = 16,000[(1 + 0.125)^3-1]$

$[(1.125)^3-1] = 0.4232125$

CI = 16,000 × 0.4232125 = 6781.25

Answer 2

Step-by-step explanation:

Sania Took a loan of 16000 against her insurance policy at the rate of 12.5% per annum compounded annually find the compound interest payable by her after 3 years