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Naimish borrows rs 40000 from bank at rate of 7.50% per annum at compound interest for 3 years .at end of every year he pays rs 15000 which consist of interest and a part of loan payment . how much extra he has to pay at the end of third year to finish his loan maths solution? |
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Answer» PRINCIPLE AMOUNT = 40000 time = 3 rate of INTEREST = 7.5% amount = P ( 1+r/100)^n 40000(1 + 7.5/100)^3 40000 ( 1+ 0.075) ^3 40000(1.075)^3 40000 * 1.075 * 1.075 * 1.075 = 49691.875 thanks |
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