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Question
A loan of ₹ 15000 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.
Solution
Here, P = ₹15000, R = 12 p.c.p.a., N = 3 years
We know that,
A = `P(1 + R/100)^N`
A = `15000(1 + 12/100)^3`
= `15000(1 + 3/25)^3`
= `15000(28/25)^3`
= `15000 xx 28/25 xx 28/25 xx 28/25`
= `(24 xx 28 xx 28 xx 28)/25`
= `526848/25`
= 21073.92
Hence, the amount is ₹ 21073.92.
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