Compound Interest Practice Test 5

Question : 13 of 40

Marks: +1, -0

Find the amount paid by Shyam after 2 months to his bank if Rs 12,00,000 payment is due for his credit card and the bank charges 12%, if the Interest to the customers is compounded monthly.

Rs 12,22,120
Rs 12,24,120
Rs 12,21,240
Rs 12,12,240
None of these

Validate

Solution:

Amount

=P(1+r/{100×12})^{12r}

=1200000(1+12/{100×12})^{2/12×12}

=1200000(101/100)^2

= Rs 12,24,120

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