2023 · Q5
A person borrowed Rs. 10,000 at 12% rate of interest per annum compounded quarterly for a period of 9 months. What is the interest paid by him to settle his account after 9 months?
Elementary MathematicsSimple and Compound Interest
- ARs. 927.27
- BRs. 947.47
- CRs. 967.67
- DRs. 987.87
Explanation
12% p.a. quarterly is 3% per quarter for 3 quarters. Amount=10000(1.03)^3=10927.27; interest=927.27. Option (a).