what amount is to be repaid on a loan of ₹12000 for 1½year at 10% per annum if interest is compounded half yearly
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Answer:
The amount to be repaid is Rs 13,891.50
Step-by-step explanation:
Loan amount = Rs 12,000
Period = 3 (1 1/2 years is 3 half yearly)
Interest rate = 10%
Amount to be repaid = 12000( 1 + 0.1/2)³
Amount to be repaid = Rs 13,891.50
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