A person took out a loan of 16000 rupees from a bank which charges interest compounded quarterly the annual rate of interest is 10% how much should he pay back after 9 months to settle the loan
Hello student,
To calculate the amount to be paid back for a Rs. 16,000 loan with interest compounded quarterly at a 10% annual rate after 9 months, we can use the compound interest formula.
After applying the formula and solving, the final amount is around
Rs. 17,230.25
. This is the total to be paid back after 9 months.
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