Thursday, 11 March 2021

5) Ambadas took a loan of ₹ 96000 at compound interest from a bank to drill well in his field. If the rate is 6.25 p.c.p.a. what amount will he have to pay to the bank if he returns the loan after 2 years ?. How much money would he have saved if being able to borrow the same amount at simple interest for the same period at the same rate?


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