A person took some loan from a bank at 8% compound interest per annum – McqOptions

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1.	A person took some loan from a bank at 8% compound interest per annum and repaid the entire loan amount by paying Rs.50,000 at the end of first year and Rs.62,640 at the end of second year respectively. How much was the loan amount?
A.	1, 00, 000
B.	1, 12, 640
C.	1, 50, 000
D.	50, 000
Answer» B. 1, 12, 640

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