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Compound Interest Practice Test 5
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© examsnet.com
Question : 13
Total: 40
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
)
12
r
=
1200000
(
1
+
12
100
×
12
)
2
12
×
12
=
1200000
(
101
100
)
2
= Rs 12,24,120
© examsnet.com
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