A person borrowed ₹10,000 at 12% rate of interest per annum compounded quarterly for a period of 9 months. What is the interest paid by him to settle his account after 9 months?
Answer
The correct answer is C: ₹927.27. Quarterly rate = 3%, n = 3. Amount = 10000(1.03)³ = 10000 × 1.092727 = 10927.27.