Sujata borrowed Rs. 15000 from a bank to purchase a TV set. If the bank charges interest quarterly at the rate of 8% per annum, what is the amount she has to pay at the end of 9 months to clear her debt?
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The amount she has to pay at the end of 9 months to clear her debt is Rs.15918.2
Step-by-step explanation:
Principal = Rs.15000
Rate of interest = 8%
No. of compounds per year = 4
Time = 9 months =
Formula :
P = Principal
T = time
r = rate of interest
n = no. of compounds
Substitute the values in the formula :
Hence The amount she has to pay at the end of 9 months to clear her debt is Rs.15918.2
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