SSC (English Medium) Class 8Maharashtra State Board
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# A Loan of ₹15000 Was Taken on Compound Interest. If the Rate of Compound Interest S 12 P.C.P.A. Find the Amount to Settle the Loan After 3 Years. - SSC (English Medium) Class 8 - Mathematics

ConceptApplication of Formula for Compound Interest

#### Question

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

#### Solution

Here, P = Principal = ₹ 15000
A = Amount
R = 12 %
N = 3 years

A = P (1 + "R"/100)^"N"

= 15000 =  (1 + 12/100)^2

= 15000  =  (1 + 3/25)^3

= 15000  =  (28/25)^3

= 21073. 92

Hence, the amount is ₹ 21073.92

Is there an error in this question or solution?

#### APPEARS IN

Balbharati Solution for Balbharati Class 8 Mathematics (2019 to Current)
Chapter 14: Compound interest
Practice Set 14.2 | Q: 6 | Page no. 93
Solution A Loan of ₹15000 Was Taken on Compound Interest. If the Rate of Compound Interest S 12 P.C.P.A. Find the Amount to Settle the Loan After 3 Years. Concept: Application of Formula for Compound Interest.
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