## Aum borrowed ₹8000 from a co-operative bank at a nominal rate of 4 % pa, How much interest will aum have to pay after 3 years of the in

Question

Aum borrowed ₹8000 from a co-operative bank at a nominal rate of 4 % pa,

How much interest will aum have to pay after 3 years of the interest is compounded annually?

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2021-08-21T12:35:41+00:00
2021-08-21T12:35:41+00:00 1 Answer
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## Answers ( )

Step-by-step explanation:The amount he will pay after 3+ 1/2 years is Rs. 948.97.

Step-by-step explanation:

Principal=Rs. 800

Rate of interest (r)= 5% = 0.05

Time t = 3+ 1/2 years= 7/2 years.

The formula of amount is

where, P is principal amount, r is interest rate, t is time in years.