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A 10,000 rupee loan at 8 per cent for 3 years has a payoff of:
A12,400 rupees
B10,800 rupees
C12,000 rupees
D13,400 rupees
Answer & Solution
Correct answer: A. 12,400 rupees
1. Interest for one year is 800 rupees.
2. Three years give 2,400 rupees of interest.
3. Payoff is 10,000 plus 2,400, that is 12,400 rupees.
_Source: OpenStax 'Contemporary Mathematics', Ch 6 'Money Management' (CC BY)_
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