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Swati took a loan of Rs. 16000 against her insurance policy at the rate of 12 % per annum. Calculate the total compound interest payable by Swati after 3 years. |
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Answer» Given, Principal = Rs.16000 Rate \(={12}\frac{1}{2}\text%\) Time = 3 years Compound interest \(={P}[({1}+\frac{R}{100})^T-{1}]\) \(={16000}[({1}+\frac{25}{2\times100})^3-{1}]\) \(={16000}\times\frac{217}{512}\) =Rs. 6781.25 |
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