Q6 of 13 Page 93

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.

Principal = 15000/-, Rate = 12% (p.c.p.a), Duration (n) = 3 years



3


A = 15000 (1+0.12)3


A = 15000 (1.12)3


A = 15000 (1.404928)


∴A= 21073.92/-


Amount to settle the loan after 3 years is 21073.92/- .


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