Question
Download Solution PDFJohn borrowed some amount of money from a bank at the rate of 10% per annum on compound interest for which interest is compounded annually. If he repaid his loan by paying ₹21,961.50 at the end of 4 years, what is the amount he borrowed?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate of interest = 10%
At the end of four years amount paid by him = ₹21,961.50
Concept used:
A = P × (1 + R/100)T
Where,
A → Amount
P → Principal
R → Rate of interest
T → Time
Calculation:
Rate = 10% = 1/10
Interest being compounded annually after four year
104 : 114
10000 : 14641
14641 unit = 21,961.50
1 = 1.5
10000 = 15000
∴ Option 2 is the correct answer.
Last updated on Jun 6, 2025
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