a sum of money is borrowed and paid back in two annual installments of rupees 1323 selling 5% of compound interest the sum borrowed bus
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a sum of money is borrowed and paid back in two annual installments of rupees 1323 selling 5% of compound interest the sum borrowed bus
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He has borrowed 2460 Rs.
Step-by-step explanation:
To calculate the principal amount in case of compound interest for installments we will use the formula :
P = principal amount
x = EMI (1323)
r = rate of interest (5%)
n = time (2 years)
Now put the values into formula :
=
= 1260 + 1200
= 2460 Rs.
He has borrowed 2460 Rs.
Learn more compound interest : brainly.in/question/15280271