Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him.
Asked by jackalamassery | 5th Jan, 2016, 02:42: PM
Given:Principal = Rs. 10,24,000
Period = 1 year
Interest compounded half yearly, hence n = 2
Rate of interest = 5% p.a, therefore 2.5% for half year.
Answered by Priti Shah | 5th Jan, 2016, 03:19: PM
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