What amount is to repaid co a loan of 12000 for 15 years at Wyk peramum compounded
half yearly?
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Answer:
As interest is compounded half yearly, so number of conversion periods in 1
2
1
years is 3, So n=3
rate for half year =
2
1
×10%=5%
A=P(1+
100
R
)
n
A=12000(1+
100
5
)
3
=12000(
100
105
)
3
=Rs.13891.50
Compound interest =A−P
=13891.50−12000
=Rs.1891.50
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