Advertisements
Advertisements
Questions
A man invests ₹ 5,600 at 14% per annum compound interest for 2 years. Calculate:
- the interest for the first year.
- the amount at the end of the first year.
- the interest for the second year, correct to the nearest rupee.
Archana invests ₹ 5,600 at 14% p .a. compound interest for 2 years. Calculate:
- the interest for the 1st year;
- the amount at the end of the 1st year;
- the interest for the 2nd year, correct to the nearest ₹.
Advertisements
Solution
i. For 1st years
P = Rs. 5600
R = 14%
T = 1 year
`I = (PxxRxxT)/100`
I = `[5600 xx 14 xx 1]/[100]`
= Rs. 784
ii. Amount at the end of the first year = Principal for first year + Interest
= 5600 + 784
= Rs. 6384.
iii. For the first year:
P = Rs. 5,600, N = 1 year and R = 14%
We have,
S.I. = `"PNR"/100`
= `(5,600 × 1 × 14)/(100)`
= Rs. 784
Amount at the end of first year P + S.I.
= Rs. 5600 + Rs. 784
= Rs. 6,384.
Now for the second year:
For 2nd year
P = 6384,
R = 14%,
N = 1 year
S.I. = `(PxxNxxR)/100 `
= `(6,384 xx 14 xx 1)/100`
= Rs. 893.76
To the nearest rupee, it is Rs. 894 nearly.
RELATED QUESTIONS
Jaya borrowed Rs. 50,000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays 33,000 at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.
On what sum of money will the difference between the compound interest and simple interest for 2 years be equal to Rs. 25 if the rate of interest charged for both is 5% p.a.?
Calculate the amount and the compound interest for the following:
Rs. 7500 at 12% p.a. in 3 years.
Ameeha loaned Rs. 24,000 to a friend for `2 1/2` at 10 % p.a. compond interest.
Calculate the amount received by her at the end of time period.
Find the sum invested at `12 1/2` p.a. compound interest on which the interest for the third year exceeds that of the first year by Rs 531.25.
Calculate the amount and the compound interest on:
Rs. 8,000 in `2 1/2` years at 15% per year.
Calculate the amount and the compound interest on :
₹ 4,600 in 2 years when the rates of interest of successive years are 10%and 12% respectively.
A man lends Rs. 12,500 at 12% for the first year, at 15% for the second year and at 18% for the third year. If the rates of interest are compounded yearly ; find the difference between the C.I. fo the first year and the compound interest for the third year.
A sum of money is lent at 8% per annum compound interest. If the interest for the second year exceeds that for the first year by Rs. 96, find the sum of money.
Mr. Kumar borrowed Rs. 15,000 for two years. The rate of interest for the two successive years are 8% and 10% respectively. If he repays Rs. 6,200 at the end of the first year, find the outstanding amount at the end of the second year.
