A person borrowed Rs. 10,000 at 12% rate of interest per annum compounded quarterly for a period of 9 months. What is the interest paid by him to settle his account after 9 months?
Rs. 927.27
The correct answer is Rs. 927.27.
Quarterly Compounding: Interest added four times a year (rate/4, time*4 periods). Monthly Compounding: Interest added twelve times a year (rate/12, time*12 periods). Daily Compounding: Interest added 365 times a year (rate/365, time*365 periods). In this specific loan interest calculation problem, understanding quarterly compounding was crucial to correctly determine the rate and number of periods for the compound interest formula.
A sum of money at 20% rate of compound interest per annum becomes more than 100 times in n years. What is the least value of n? (Use log10 2 = 0.301, log10 3 = 0.477)
What is the principal amount which earns Rs. 210 as compound interest for the second year at 5% per annum?
The rate of interest on two different schemes is the same and it is 20%. But in one of the schemes, the interest is compounded half-yearly and in the other, the interest is compounded annually. Equal amounts are invested in the schemes. If the difference of the returns after 2 years is Rs. 482, then what is the principal amount in each scheme?
What is the least number of complete years in which a sum of money put out at 40% annual compound interest will be more than tripled?
A merchant commences with a certain capital and gains annually at the rate of 25%. At the end of 3 years he has Rs. 10,000. What is the original amount that the merchant invested?
A sum of money compounded annually doubles itself in 5 years. In how many years will it become four times of itself ?
A person borrowed Rs. 10000 on compound interest at the rate of 40 percent per annum. If the interest is compounded half yearly, then what will be the amount to be paid after 1.5 years?
The difference between the compound interest (compounding annually) and the simple interest on a sum of money at the rate of 40 per cent per annum for 2 years is Rs. 2400. What is the amount?
In how many years will a sum of Rs.1875 amount to Rs.2187 at 8 percent p.a. compound interest?
A sum of money has increased by 45% in 9 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?
At a certain rate of compound interest a certain sum amounts to Rs. 64800 in 4 years and Rs. 93312 in 6 years. What is the compound interest earned in fifth year?