Problem: Mr. Karim took a loan of TK. 10000 from his friend Mr. Rahlm at 5% interest rate. MrKarim calculated the liability after 3 years. But Mr. Rahim compounded the loan accountquarterly. How much extra money Mr. Karim needs to pay?
View all: NATIONAL BANK(AB) | WRITTEN QUESTION (MATH) SOLVE | 1996
Correct Answer: ans: Tk. 655.0625
Explanation:
As Mr. Karim took loan for 5% interest
So, after 3 years Mr. Karim has to paid along with interest=tk.$\frac{115\times 10000}{100}$=11500 tk
But Mr. Rahim compounded the loan account quarterly.
Then Rahim has to calculated = 10000 ($1+\frac{5}{100}^{4}$)=TK.12155.0625
Mr. Karim needs to pay extra money = Tk. (12155.0625-115800)=TK. 655.0625