A school borrows an amount of Rs 100,000 from a bank to construct a Mathematics laboratory. The loan is taken on compound interest, compounded annually, at the rate of 8% per annum. find the amount paid back at end of 3 years
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A school borrows an amount of Rs 100,000 from a bank to construct a Mathematics laboratory. The loan is taken on compound interest, compounded annually, at the rate of 8% per annum. find the amount paid back at end of 3 years
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Answer:
24000
Step-by-step explanation:
SI=P*R*T/100
=100,000*8*3/100
=24000