Compound Interest Time in Fractions
Compound Interest Time in Fractions
Calculating Compound Interest When Time is Given in Fractions: When time is given as improper fraction, we first convert it into mixed fraction. The wehole number is used as its in the formula for compound Interest. and for the fraction part we will divide the rate with the fraction. Let the principal be P and Rate is considered as R and suppose the time period is 15/4 years. then For Example:Reena borrowed 16000 at 12% rate of interest 4/3 years. Calculate the amount she had to pay in the end. P= 16000 Rs R= 12 % T= 4/3 = | |||||||||
Calculate compound interest if principal = Rs 10,000, rate of interest 8 % , time period is 1 year 3 months. Compounded annually | |||
| Right Option : C | |||
| View Explanation | |||
Find the compound interest on Rs 24,000 at 15% p.a for | |||
| Right Option : D | |||
| View Explanation | |||
An amount of 16000 is deposited in a bank at 20% p.a for 2 years and 3 months compounded per annum. Find the value of the relation | |||
| Right Option : D | |||
| View Explanation | |||
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