Sania took a loan of 316,000 against her insurance policy at the rate of 12.5% per ar
annually. Find the compound interest payable by her after 3 years
Answers
Answered by
2
Answer:
Rs. 6781.25
Step-by-step explanation:
In case of compund interest,
CI=P[(1+
100
R
)
N
−1]
where : CI - Compound Interest, P - Principal, R - Rate%, N - Number of years.
The compound interest Rama has to pay =16000[(1+
100
12.5
)
3
−1]=16000×0.424=Rs. 6781.25
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