Arif took a loan of ₹ 80,000 from a bank. If the rate of interest is 10% per annum, find the difference in amounts he would be paying after 1whole 𝟏/𝟐 years if the interest is Compounded half yearly
Pawan Prajapati , 3 Years ago
Grade 12
1 Answers
Harshit Singh
Last Activity: 3 Years ago
Dear Student
The interest is compounded half yearly. Rate = 10% per annum = 5% per half year There will be three half years in 1 whole 1/2years. Amount, A =P (1 +R/100 )^n =₹ [8000(1+5/100 )^3] =₹ [8000 × (105/100)^3] =₹92610 Difference between the amounts =₹ 92,610 − ₹92,400 =₹210 Thanks
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