Mathematics · Compound Interest
Joy borrowed some amount from a bank at the rate of 6% per annum, compounded annually. If he finished paying his loan by paying ₹20,000 at the end of 5 years, then the amount of loan that he had taken (rounded to the nearest thousand rupees) w as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹13,000
- 2₹16,000
- 3₹15,000✓
- 4₹12,000
Correct answer
₹15,000
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