Question

A loan of Rs 15,000 was taken on compound interest. If the rate of compound interest is 12 p.c.p.a. find the amount to settle the loan after 3 years.

Answer 1

Here, P = Rs 15,000, R = 12 p.c.p.a, and N = 3 years

∴ The amount required to settle the loan after 3 years is Rs 21,073.92.