Vinay took a loan of 390625 from a Bank. If the bank charges interest at 16% per annum, compounded quarterly, what amount will discharge his debt after one year?
Answers
Answered by
1
Answer:
Amount taken from finance company (P) =Rs. 390625
Rate of interest (R) =
16
%
p
.
a
.
o
r
4
%
quarterly
Period (n) =1 year or 4 quarterly
∴
Amount (A) =P
(
1
+
R
100
)
n
=
390625
(
1
+
4
100
)
4
=
R
s
.
390625
×
(
26
25
)
4
=
R
s
.
390625
×
26
25
×
26
25
×
26
25
×
26
25
=
R
s
.
456976
Answered by
0
Answer:
Rs. 456976
Step-by-step explanation:
Solution
6Amount taken from finance company (P) =Rs. 390625Rate of interest (R)
=16% p.a. or 4% quarterlyPeriod (n) =1 year or 4 quarterly∴ Amount (A) =P(1+R100)n=390625(1+4100)4=Rs. 390625×(2625)4=Rs. 390625×2625×2625×2625×2625=Rs. 456976
Similar questions