A person took out a loan of 16,000 Rs.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?
Dear Student,
P = Rs 16000
r = 10%
t = 9/12
Since, the interest is charges quarterly, so n =4
Regards,
P = Rs 16000
r = 10%
t = 9/12
Since, the interest is charges quarterly, so n =4
Regards,