Advertisements
Advertisements
Question
Find the compound interest when principal = Rs 3000, rate = 5% per annum and time = 2 years.
Advertisements
Solution
Principal for the first year = Rs 3, 000
Interest for the first year\[ = Rs\left( \frac{3, 000 \times 5 \times 1}{100} \right)\]
= Rs 150
Amount at the end of the first year = Rs 3, 000 + Rs 150
= Rs 3, 150
Principal for the second year = Rs 3, 150
Interest for the second year \[= Rs\left( \frac{3, 150 \times 5 \times 1}{100} \right)\]
= Rs 157 . 50
Amount at the end of the second year = Rs 3, 150 + Rs 157 . 50
= Rs 3307 . 50
∴ Compound interest \[ = Rs\left( 3, 307 . 50 - 3, 000 \right)\]
= Rs 307 . 50
RELATED QUESTIONS
Find the compound interest on Rs 1000 at the rate of 8% per annum for \[1\frac{1}{2}\] years when interest is compounded half-yearly.
Ramesh deposited Rs 7500 in a bank which pays him 12% interest per annum compounded quarterly. What is the amount which he receives after 9 months.
Daljit received a sum of Rs. 40000 as a loan from a finance company. If the rate of interest is 7% per annum compounded annually, calculate the compound interest that Daljit pays after 2 years.
Romesh borrowed a sum of Rs 245760 at 12.5% per annum, compounded annually. On the same day, he lent out his money to Ramu at the same rate of interest, but compounded semi-annually. Find his gain after 2 years
Find the amount of Rs 12500 for 2 years compounded annually, the rate of interest being 15% for the first year and 16% for the second year.
At what rate percent compound interest per annum will Rs 640 amount to Rs 774.40 in 2 years?
Ishita invested a sum of Rs 12000 at 5% per annum compound interest. She received an amount of Rs 13230 after n years. Find the value of n.
Ashima took a loan of Rs 1,00,000 at 12% p.a. compounded half-yearly. She paid Rs 1,12,360. If (1.06)2 is equal to 1.1236, then the period for which she took the loan is ______.
If principal = Rs 1,00,000. rate of interest = 10% compounded half yearly. Find amount after 6 months.
Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him.
