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
Answer (1)
7th Nov, 2024
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.
I hope this answer helps you. If you have more queries then feel free to share your questions with us we will be happy to assist you.
Thank you and wishing you all the best for your bright future.
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