Question

Sujata borrowed Rs 15000from 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?​

Answer 1

Step-by-step explanation:

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Answer 2

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 = $\frac{9}{12}=\frac{3}{4} year$

Formula :$Amount = P(1+\frac{r}{n})^{nt}$

P = Principal

T = time

r = rate of interest

n = no. of compounds

Substitute the values in the formula :

$Amount = 15000(1+\frac{8}{400})^{4 \times \frac{3}{4}}=15918.12$

Hence The amount she has to pay at the end of 9 months to clear her debt is Rs.15918.2

#Learn more:

Find the compound interest for 10,000 and rate 10%.find the compound interest for 2 years​

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