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Mr. X borrowed R.s 5120 at 12 ½ % p.a C.I.At the end of 3 yrs, the money was repaid along with the interest accrued. The ammount of interest paid by him is
- a)Rs. 2100
- b)Rs. 2170
- c)Rs. 2000
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
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Mr. X borrowed R.s 5120 at 12½ % p.a C.I.At the end of 3 yrs, t...
% per annum interest. The interest was compounded annually and he repaid the loan after 3 years.
To calculate the amount repaid, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the total amount repaid
P = the principal amount (R.s 5120)
r = the annual interest rate (12% or 0.12)
n = the number of times interest is compounded per year (in this case, 1, since it is compounded annually)
t = the number of years (3)
Plugging in the values into the formula:
A = 5120(1 + 0.12/1)^(1*3)
A = 5120(1 + 0.12)^3
A = 5120(1.12)^3
A = 5120(1.404928)
A = R.s 7196.44
Therefore, Mr. X repaid a total amount of R.s 7196.44.
To calculate the amount repaid, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the total amount repaid
P = the principal amount (R.s 5120)
r = the annual interest rate (12% or 0.12)
n = the number of times interest is compounded per year (in this case, 1, since it is compounded annually)
t = the number of years (3)
Plugging in the values into the formula:
A = 5120(1 + 0.12/1)^(1*3)
A = 5120(1 + 0.12)^3
A = 5120(1.12)^3
A = 5120(1.404928)
A = R.s 7196.44
Therefore, Mr. X repaid a total amount of R.s 7196.44.
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Mr. X borrowed R.s 5120 at 12½ % p.a C.I.At the end of 3 yrs, the money was repaid along with the interest accrued. The ammount of interest paid by him isa)Rs. 2100b)Rs. 2170c)Rs. 2000d)None of theseCorrect answer is option 'B'. Can you explain this answer?
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Mr. X borrowed R.s 5120 at 12½ % p.a C.I.At the end of 3 yrs, the money was repaid along with the interest accrued. The ammount of interest paid by him isa)Rs. 2100b)Rs. 2170c)Rs. 2000d)None of theseCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Mr. X borrowed R.s 5120 at 12½ % p.a C.I.At the end of 3 yrs, the money was repaid along with the interest accrued. The ammount of interest paid by him isa)Rs. 2100b)Rs. 2170c)Rs. 2000d)None of theseCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. X borrowed R.s 5120 at 12½ % p.a C.I.At the end of 3 yrs, the money was repaid along with the interest accrued. The ammount of interest paid by him isa)Rs. 2100b)Rs. 2170c)Rs. 2000d)None of theseCorrect answer is option 'B'. Can you explain this answer?.
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