Anil borrows Rs 2 lakhs at an interest rate of 8% per annum, compounded half-yearly. He repays Rs 10320 at the

Question

Anil borrows Rs 2 lakhs at an interest rate of 8% per annum, compounded half-yearly. He repays Rs 10320 at the end of the first year and closes the loan by paying the outstanding amount at the end of the third year. Then, the total interest, in rupees, paid over the three years is nearest to

Select an option to reveal the answer and explanation

Accepted Answer

51311. It is given that Anil borrows Rs 2 lakhs at an interest rate of 8% per annum, compounded half-yearly. It is also known that he repays Rs 10320 at the end of the first year and closes the loan by paying the outstanding amount at the end of the third year. The total amount at the end of the first year