Ten > Compound Interest
Pushpanjali is planning to borrow a loan of Rs 5,00,000 from a bank for 1 year and visited 3 banks and found the interest rates as follows:
Bank A: Rate of interest 10.5$\rm \%$. It is compounded in each year.
Bank B: Rate of interest 10$\rm \%$. It is compounded in each 6 months.
Bank C: Rate of interest 9.5$\rm \%$. It is compounded in each 3 months.
- How much interest does Bank A charge?
- How much interest does Bank B charge?
- How much interest does Bank C charge?
- Which bank is preferable for loan borrowing?
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