Advertisements
Advertisements
Question
I borrowed Rs 12000 from Jamshed at 6% per annum simple interest for 2 years. Had I borrowed this sum at 6% per annum compound interest, what extra amount would I have to pay?
Advertisements
Solution
P = Rs 12000
R = 6% per annum
T = 2 years
S.I = `"P x R x T"/100 = Rs ((12000xx6xx2)/100) = Rs 1440`
To find the compound interest, the amount (A) has to be calculated.
`A = P(1 + R/100)^n = Rs [12000(1 + 6/100)^2]`
`= Rs [12000(1 + 3/50)^2] = Rs(12000 xx 53/50xx 53/50)`
= Rs 13483.20
∴ C.I. = A − P = Rs 13483.20 − Rs 12000 = Rs 1,483.20
C.I. − S.I. = Rs 1,483.20 − Rs 1,440 = Rs 43.20
Thus, the extra amount to be paid is Rs 43.20
RELATED QUESTIONS
Rohit deposited Rs 8000 with a finance company for 3 years at an interest of 15% per annum. What is the compound interest that Rohit gets after 3 years?
Find the compound interest on Rs 64000 for 1 year at the rate of 10% per annum compounded quarterly.
Find the amount of Rs 2400 after 3 years, when the interest is compounded annually at the rate of 20% per annum.
Abha purchased a house from Avas Parishad on credit. If the cost of the house is Rs 64000 and the rate of interest is 5% per annum compounded half-yearly, find the interest paid by Abha after one year and a half.
Find the compound interest on Rs 15625 for 9 months, at 16% per annum, compounded quarterly.
Ramu borrowed Rs 15625 from a finance company to buy a scooter. If the rate of interest be 16% per annum compounded annually, what payment will he have to make after \[2\frac{1}{4}\] years?
Find the rate percent per annum if Rs 2000 amount to Rs 2662 in \[1\frac{1}{2}\] years, interest being compounded half-yearly?
Find the rate at which a sum of money will double itself in 3 years, if the interest is compounded annually.
A certain sum amounts to Rs 5832 in 2 years at 8% compounded interest. Find the sum.
The compound interest on a sum of Rs P for T years at R% per annum compounded annually is given by the formula `P(1 + R/100)`.
