Advertisements
Advertisements
Question
Sameerrao has taken a loan of ₹ 12500 at a rate of 12 p.c.p.a. for 3 years. If the interest is compounded annually, then how many rupees should he pay to clear his loan?
Advertisements
Solution
Here, P = ₹ 12500; R = 12% ; N = 3 years
A = P `(1 + R/100)^N`
= `12500 (1 + 12/100)^3`
= `12500 ((100 + 12)/100)^3`
= `12500 (112/100)^3`
= `12500 ((28 xx 4)/(25 xx 4))^3`
= `12500 (28/25)^3`
= `12500 xx 28/25 xx 28/25 xx 28/25`
= `20/25 xx 28 xx 28 xx 28`
= `0.8 xx 28 xx 28 xx 28`
= ₹ `17561.60`
Hence, he should pay an amount of ₹ 17561.60 to clear his loan.
RELATED QUESTIONS
At what rate percent will a sum of Rs 1000 amount to Rs 1102.50 in 2 years at compound interest?
The present population of a town is 25000. It grows at 4%, 5% and 8% during first year, second year and third year respectively. Find its population after 3 years.
In a factory the production of scooters rose to 46305 from 40000 in 3 years. Find the annual rate of growth of the production of scooters.
The count of bacteria in a culture grows by 10% in the first hour, decreases by 8% in the second hour and again increases by 12% in the third hour. If the count of bacteria in the sample is 13125000, what will be the count of bacteria after 3 hours?
The population of a town increases at the rate of 40 per thousand annually. If the present population be 175760, what was the population three years ago.
The cost price of a machine is 2,50,000. If the rate of depreciation is 10% per year, find the depreciation in price of the machine after two years.
Find the compound interest if the amount of a certain principal after two years is ₹ 4036.80 at the rate of 16 p.c.p.a.
The population of a suburb is 16000. Find the rate of increase in the population if the population after two years is 17640.
Find the amount and the compound interest on ₹ 4,000 in 2 years, if the rate of interest for the first year is 10% and for the second year is 15%.
The value of a car, bought for Rs 4,40,000 depreciates each year by 10% of its value at the beginning of that year. So its value becomes Rs 3,08,000 after three years.
