Question 147

How much will be the compound interest to be paid on a principal amount of rs 85,000 after 3 years at the rate of 6 p.c.p.a ?

Solution

Total amount to be paid= Principal * (1+r)number of years = 85,000(1.06)3 = 101236.36
Interest paid = 101236.36-85000=16,236.36

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