A you borrows $10000 for 5 years at 12% compound interest. How much will the man have to repay?
2 answers:
Answer:
in 5 years he will have to pay over $10000 he will have to pay almost $100k
Step-by-step explanation:
Answer:
Correct option is
A
14.2
⇒ Company borrow Rs.10000 i.e. pv=Rs.10000 and I=5%=0.05. A is also given which is Rs.1000
⇒ Present value of annuity regular
⇒ pv=A×[
I×(1+I)
n
(1+I)
n
−1
]
⇒ 10000=1000×[
0.05×(1+0.05)
n
(1+0.05)
n
−1
]
⇒ (1.05)
n
−0.5×(0.5)
n
=1
⇒ (1.05)
n
=2
Taking log both sides
⇒ n=
log1.05
log2
∴ n=14.2years
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