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Aman has taken a loan of Rs50,000 from a bank at the rate of 8% to be compounded annually. How much does he have to pay
after 3 years? (Nearest to a Rs)
Rs62,517
Rs62,871
Rs62,986
Rs62,000
To determine how much Aman has to pay after 3 years, we can use the compound interest formula:
A=P×(1+r100)n
Where:
- A is the amount to be paid back.
- P is the principal amount, which is Rs50,000.
- r is the annual interest rate, which is 8%.
- n is the number of years, which is 3.
Let's calculate step-by-step:
- Calculate the formula step-by-step:
- First, divide the rate by 100: 8100=0.08
- Then, add one to the rate: 1+0.08=1.08
- Raise to the power of 3: (1.08)3˜1.2597
- Multiply by the principal: 50,000×1.2597˜62,985
- Options Review:
- Option 1, Rs62,517: Less than the actual calculated value. Incorrect.
- Option 2, Rs62,871: Close to actual value but slightly less. Incorrect.
- Option 3, Rs62,986: Matches computed value.
- Option 4, Rs62,000: Much less than actual value. Incorrect.
The correct amount Aman needs to pay is Option 3, Rs62,986.
Therefore, “”.
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