Need help ASAP QUESTION 13
1 answer:
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Answer:
The Amount paid back after 7 years is Rs 32,038.674 .
Step-by-step explanation:
Given as :
The loan amount borrowed = p = Rs 19,000
The rate of interest applied = r = 7.75% compounded annually
The time period of loan = t = 7 years
Let The Amount paid back after 7 years = Rs A
<u>Now,From Compound Interest method</u>
Amount = Principal ×
Or, A = p ×
Or, A = Rs 19,000 ×
Or, A = Rs 19,000 ×
Or, A = Rs 19,000 × 1.686246
∴ A = Rs 32,038.674
So, The Amount paid back after 7 years = A = Rs 32,038.674
Hence, The Amount paid back after 7 years is Rs 32,038.674 . Answer