ICSE Class 9 Answered
A man borrowed Rs. 16,000 for 3 years under the following terms;
16% simple interest for the first two years.
16% C.I. for the remaining one year on the amount due after 2 years, the interest being compounded semi-annually.
Find the total amount to be paid at the end of the three years.
Asked by Topperlearning User | 31 Jul, 2017, 01:40: PM
Expert Answer
For first two years
P = Rs. 16,000; n = 2 years and r = 16%
Amount for two years = Rs. 16,000 + Rs. 5,120 = Rs. 21,120
For next one year
P = Rs. 21,120; n = 1 year and r = 16%
Since the interest is compounded semi-annually,
Answered by | 31 Jul, 2017, 03:40: PM
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