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CBSE Class 12-commerce Answered

A debt of rs.100000 is amortized by making equal payments at the end of every three months for ten years, with an annual interest of 6% compounded quarterly. Construct an reputation schedule for first 2 years. calculate total interest paid. Determine the principal repaid and interest during beginning of 7the year.
Asked by rrajeshthapa1998 | 22 Mar, 2019, 06:20: PM
answered-by-expert Expert Answer
Loan amount = Rs. 100000, n = 10 years, r = 6% per quarter
To find installment we use 
begin mathsize 16px style straight P open parentheses fraction numerator open parentheses 1 plus straight i close parentheses to the power of straight n minus 1 over denominator straight i end fraction close parentheses equals 100000 straight i equals 0.06 space quarterly space equals space 24 percent sign space per space annum comma space straight n equals 12 cross times 10 equals 120 space instalments straight P open parentheses fraction numerator open parentheses 1 plus 0.06 close parentheses to the power of 40 minus 1 over denominator 0.24 cross times open parentheses 1 plus 0.06 close parentheses to the power of 40 end fraction close parentheses equals 100000 straight P equals Rs. space 26584.61 end style
Answered by Sneha shidid | 26 Mar, 2019, 10:02: AM

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