A loan of ₹15000 was taken on compound interest. If the rate of compound interest is 12 p.c.p.a. find the amount to settle the loan after 3 years.

A loan of ₹15000 was taken on compound interest. If the rate of comp

1.	A loan of ₹15000 was taken on compound interest. If the rate of compound interest is 12 p.c.p.a. find the amount to settle the loan after 3 years.
Answer» Hey there ! PRINCIPLE = 15,000 RATE of interest = 12 Number of compoundings = 3 ( One compounding per annum ) We know that , $\boxed{ Amount = P \times ( 1 + \frac{R}{100} ) ^{n} }$ A = 15000 ( 1 + 12 / 100 ) ^ 3 A = 15000 ( 112/100)³ A = 15000 ( 28/25)³ A = 15000 ( 1.404928 ) A = 21073.92 Rupees . Therefore , The LOAN amounts to 21073.92 Rupees after 3 YEARS .

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A loan of ₹15000 was taken on compound interest. If the rate of compound interest is 12 p.c.p.a. find the amount to settle the loan after 3 years.

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