A loan of #15000 was taken on compound interest. If the rate of compou

1.	A loan of #15000 was taken on compound interest. If the rate of compoundinterest is 12 p.c.p.a. find the amount to settle the loan after 3 yearsmnound interest at 18 pe,pa,
Answer» For compound interest A = P(1 + R/100)^nP = 15000, R = 12%, n = 3, A =? A = 15000(1 + 12/100)^3 = 15000(1 + 3/25)^3 = 15000(28/25)^3 = 15000*1.404 = 21060 Amount required to settle loan = Rs 21060

A loan of #15000 was taken on compound interest. If the rate of compoundinterest is 12 p.c.p.a. find the amount to settle the loan after 3 yearsmnound interest at 18 pe,pa,

Answer»

For compound interest A = P(1 + R/100)^nP = 15000, R = 12%, n = 3, A =?

A = 15000(1 + 12/100)^3 = 15000(1 + 3/25)^3 = 15000(28/25)^3 = 15000*1.404 = 21060

Amount required to settle loan = Rs 21060