Question

You deposited Rs. 174,000 in a bank paying 5 percent annual interest. What will be the amount in your bank account after 15 years assuming that the bank pays interest in the following frequency?
a. Annually
b. Semiannually (after every six months)
c. Quarterly (after every three months)
d. Monthly
e. Fortnightly (after every 15 days)

Answer 1

Rs. 1000 have been deposited in a bank at interest rate of 5% compounded annually.

The formula for future amount in a compound based interest (calculated annually) is

A=P(1+r)

t

where P,r and t are the principle amount,interest rate and time(in years) respectively.

Calculating for P=1000,r=0.05 and t=12

A=1000(1+0.05)

12

⇒A≈ Rs. 1795.85.

$Rs. 1000 have been deposited in a bank at interest rate of 5% compounded annually.</p><p></p><p>The formula for future amount in a compound based interest (calculated annually) is </p><p></p><p>A=P(1+r)t</p><p></p><p>where P,r and t are the principle amount,interest rate and time(in years) respectively.</p><p></p><p>Calculating for P=1000,r=0.05 and t=12</p><p></p><p>A=1000(1+0.05)12</p><p></p><p>⇒A≈ Rs. 1795.85</p><p></p><p>$

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Answer 2

Answer:

Down Payment (DP) ₹ 1,50,000

Loan Amount ₹ 8,50,000

Processing Fee (PF) ₹ 25,500

Cash Needed (DP + PF) ₹ 1,75,500

Monthly Payment ₹ 12,993.98