Ritu borrowed a sum of ₹ for years at p.a, interest compounded -monthly. The amount (in ₹) paid by her after years was:
- A12,045
- B11,979
- C12,089
- D11,968
Solution & Step-by-step Explanation
Given:
Principal () = ₹
Time () = years months
Rate () = per annum
Since the interest is compounded ** -monthly**:
* Number of compounding periods () = periods
* Periodic rate of interest () = per period
The formula for the compound amount is:
Thus, the amount paid is ₹.
Principal () = ₹
Time () = years months
Rate () = per annum
Since the interest is compounded ** -monthly**:
* Number of compounding periods () = periods
* Periodic rate of interest () = per period
The formula for the compound amount is:
Thus, the amount paid is ₹.