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?​

PLEASE ANSWER STEP BY STEP FAST ⚡⚡⚡​

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Ayla 1 month 2021-08-21T12:35:41+00:00 1 Answer 0 views 0

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    2021-08-21T12:36:44+00:00

    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.

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