Answer:
Amount pay after one year for compounded quarterly = Rs 5627.54
Step-by-step explanation:
Given as,
Manu took loan of Rs 5000 , So, Principal = Rs 5000
The rate of interest applied = 12% per annum compounded quarterly
The loan took for period of year = one
Now from the compounded method :
For compounded quarterly
Amount = principal [tex](1 + \frac{Rate}{4\times 100})^{4\times Time}[/tex]
Or, Amount = Rs 5000 [tex](1+ \frac{12}{4\times 100})^{4}[/tex]
Or, Amount = 5000 [tex](\frac{103}{100})^{4}[/tex]
Or, Amount = 5000 × 1.1255
∴ Amount = Rs 5627.54
Hence , The amount which Manu pay after one year at 12% per annum compounded quarterly is Rs 5627.54 Answer
