Question

what will a loan of rupees 15000 amount to in 3 years if compounded annually at the rate 10% per annum

Answer 1

Given :

Principal (P) = Rs. 15000

Rate of interest (R) = 10% per annum  

Time (n) = 3 years

Amount(A)=$P(1+\frac{R}{100} )^{n}$

Amount(A) = 19965

Hence, the loan will be amounted to Rs. 19965