A sum of taken for one year at 16% per annum. If the interest is charged after every three months, then the rate will be About the author Ella
Answer: To strictly answer the question, if interest is compounded every 3 months, in onee year, interest will be charged 4 times (12/3 = 4 Reply
Answer: Say the amount borrowed is Rs.100 on 1 January 2018. Compounded at 16% per quarter (every 3 months), we have: On 1 April 2018 100 + (100* 16/100*3/12) = 104 On 1 July 2018 104 + (104*16/100*3/12) = 108.16 On 1 October 2018 108.16 + (108.16*16/100*3/12) = 112.49 On 1 January 2019 112.49 + (112.49*16/100*3/12) = 116.99 The interest will be calculated for 4 times in a year on the mentioned dates, with the effective rate coming at around 17%. Step-by-step explanation: Please mark me as brainliest. Reply
Answer:
To strictly answer the question, if interest is compounded every 3 months, in onee year, interest will be charged 4 times (12/3 = 4
Answer:
Say the amount borrowed is Rs.100 on 1 January 2018. Compounded at 16% per quarter (every 3 months), we have:
On 1 April 2018
100 + (100* 16/100*3/12) = 104
On 1 July 2018
104 + (104*16/100*3/12) = 108.16
On 1 October 2018
108.16 + (108.16*16/100*3/12) = 112.49
On 1 January 2019
112.49 + (112.49*16/100*3/12) = 116.99
The interest will be calculated for 4 times in a year on the mentioned dates, with the effective rate coming at around 17%.
Step-by-step explanation:
Please mark me as brainliest.