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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?
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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.
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