SSC (English Medium) Class 8Maharashtra State Board
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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? - SSC (English Medium) Class 8 - Mathematics

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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?

Solution

Here, P = ₹ 8000; R = 10 `1/2` % ; N = 2 years

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

   = 12500 `(1 + 12/100)³`

   = 12500 `(1 + 3/25)³`

    = 12500 `(28/25)³`

    = 17561.60 Rupees

Hence, he should pay an amount of  ₹ 17561.60 to clear his loan.

  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 14.1 | Q: 2 | Page no. 90
Solution 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? Concept: Application of Formula for Compound Interest.
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