Mohan borrowed Rs. 16,000 for 3 years at 5% per annum compound interest. Calculate the amount that Mohan will pay at the end of 3 years. - Mathematics

Advertisements
Advertisements
Sum

Mohan borrowed Rs. 16,000 for 3 years at 5% per annum compound interest. Calculate the amount that Mohan will pay at the end of 3 years.

Advertisements

Solution

For 1st year

Principal (P) = Rs.16,000, Rate (R) = 5%, Time (T) = 1 year

∴ Interest =`(16000xx5xx1)/100`= 160 × 5 = Rs.800

∴ Amount at the end of 1st year = Rs. (16,000 + 800) = Rs.16,800

For 2nd year

P = Rs.16,800, R = 5%, T = 1 year

∴ Interest =`(16,800xx5xx1)/100` = 168 × 5 = Rs.840

∴ Amount at the end of 2nd year = Rs. (16,800 + 840) = Rs.17640

For 3rd year

P = 17640, R = 5%, T = 1 year

∴ Interest =`(17640xx5xx1)/100=1764/2` = Rs.882

∴ Amount at the end of 3rd year = Rs. (17640 + 882) = Rs.18522

Hence reqd. amount = Rs.18522

  Is there an error in this question or solution?
Chapter 9: Interest - Exercise 9 (C) [Page 114]

APPEARS IN

Selina Concise Mathematics Class 8 ICSE
Chapter 9 Interest
Exercise 9 (C) | Q 7 | Page 114

RELATED QUESTIONS

Calculate the amount and compound interest on Rs 62500 for `1 1/2` years at 8% per annum compounded half yearly.


Calculate the amount and compound interest on Rs 8000 for 1 year at 9% per annum compound half yearly. (You could use the year by year calculation using SI formula to verify)


Find the difference between the compound interest and simple interest. On a sum of Rs 50,000 at 10% per annum for 2 years.


Simple interest on a sum of money for 2 years at \[6\frac{1}{2} %\] per annum is Rs 5200. What will be the compound interest on the sum at the same rate for the same period?


The interest on a sum of Rs 2000 is being compounded annually at the rate of 4% per annum. Find the period for which the compound interest is Rs 163.20.


The difference between the S.I. and C.I. on a certain sum of money for 2 years at 4% per annum is Rs 20. Find the sum.


The difference in simple interest and compound interest on a certain sum of money at \[6\frac{2}{3} %\] per annum for 3 years is Rs 46. Determine the sum.


Find the amount and the compound interest.

No. Principal (₹) Rate (p.c.p.a.) Duration
(Years)
1 2000 5 2
2 5000 8 3
3 4000 7.5 2

In how many years ₹700 will amount to ₹847 at a compound interest rate of 10 p.c.p.a.


A certain sum of money is put at compound interest, compounded half-yearly. If the interest for two successive half-years are Rs. 650 and Rs. 760.50; find the rate of interest.


A certain sum amounts to Rs. 5,292 in two years and Rs. 5,556.60 in three years, interest being compounded annually. Find : the rate of interest.


The compound interest, calculated yearly, on a certain sum of money for the second year is Rs. 1,089 and for the third year it is Rs. 1,197.90. Calculate the rate of interest and the sum of money.


Mohit invests Rs. 8,000 for 3 years at a certain rate of interest, compounded annually. At the end of one year it amounts to Rs. 9,440. Calculate : 
(i) the rate of interest per annum.
(ii) the amount at the end of the second year.
(iii) the interest accrued in the third year.


Rs. 8,000 is lent out at 7% compound interest for 2 years. At the end of the first year Rs. 3,560 are returned. Calculate :
(i) the interest paid for the second year.
(ii) the total interest paid in two years.
(iii) the total amount of money paid in two years to clear the debt.


The cost of a machine depreciated by Rs. 4,000 during the first year and by Rs. 3,600 during the second year. Calculate :

  1. The rate of depreciation.
  2. The original cost of the machine.
  3. Its cost at the end of the third year.

A man borrows Rs.10,000 at 10% compound interest compounded yearly. At the end of each year, he pays back 30% of the sum borrowed. How much money is left unpaid just after the second year ?


A man borrows Rs.10,000 at 10% compound interest compounded yearly. At the end of each year, he pays back 20% of the amount for that year. How much money is left unpaid just after the second year ?


The value of a machine depreciated by 10% per year during the first two years and 15% per year during the third year. Express the total depreciation of the machine, as percent, during the three years.


During every financial year, the value of a machine depreciates by 12%. Find the original cost of a machine which depreciates by Rs. 2,640 during the second financial year of its purchase.


Find the sum on which the difference between the simple interest and compound interest at the rate of 8% per annum compounded annually would be Rs. 64 in 2 years.


A sum of Rs. 13,500 is invested at 16% per annum compound interest for 5years. Calculate :
(i) the interest for the first year.
(ii) the amount at the end of first year.
(iii) the interest for the second year, correct to the nearest rupee.


Ashok borrowed Rs. 12,000 at some rate on compound interest. After a year, he paid back Rs.4,000. If the compound interest for the second year is Rs. 920, find:

  1. The rate of interest charged
  2. The amount of debt at the end of the second year

On a certain sum of money, lent out at C.I., interests for first, second and third years are Rs. 1,500; Rs. 1,725 and Rs. 2,070 respectively. Find the rate of interest for the (i) second year (ii) third year.


A sum of Rs. 8,000 is invested for 2 years at 10% per annum compound interest. Calculate:
(i) interest for the first year.
(ii) principal for the second year.
(iii) interest for the second year.
(iv) the final amount at the end of the second year
(v) compound interest earned in 2 years.


A man borrowed Rs. 20,000 for 2 years at 8% per year compound interest. Calculate :
(i) the interest of the first year.
(ii) the interest of the second year.
(iii) the final amount at the end of the second year.
(iv) the compound interest of two years.


Calculate the amount and the compound interest on Rs. 12,000 in 2 years and at 10% per year.


Calculate the compound interest on Rs. 5,000 in 2 years; if the rates of interest for successive years be 10% and 12% respectively.


Calculate the compound interest on Rs. 15,000 in 3 years; if the rates of interest for successive years be 6%, 8%, and 10% respectively.


Calculate the compound interest for the second year on Rs. 15000 invested for 5 years at 6% per annum.


Calculate the difference between the compound interest and the simple interest on ₹ 7,500 in two years and at 8% per annum.


Calculate the difference between the compound interest and the simple interest on ₹ 8,000 in three years and at 10% per annum.


Rohit borrowed ₹ 40,000 for 2 years at 10% per annum C.I. and Manish borrowed the same sum for the same time at 10.5% per annum simple interest. Which of these two gets less interest and by how much?


Mr. Sharma lends ₹24,000 at 13% p.a. simple interest and an equal sum at 12% p.a. compound interest. Find the total interest earned by Mr. Sharma in 2 years.


The simple interest on a certain sum of money at 4% p.a. for 2 years is Rs1500. What will be the compound interest on the same sum for the same time?


The simple interest on a certain sum for 3 years at 4% is Rs 600. Find the compound interest for the same sum at the same percent and in the same time.


The difference between simple interest and compound interest compounded annually on a certain sum is Rs.448 for 2 years at 8 percent per annum. Find the sum.


The difference between C.I. payable annually and S.I. on Rs.50,000 for two years is Rs.125 at the same rate of interest per annum. Find the rate of interest.


The compound interest on ₹ 5000 at 12% p.a for 2 years, compounded annually is ___________


The compound interest on ₹ 8000 at 10% p.a for 1 year, compounded half yearly is ____________


The difference between the C.I and S.I for 2 years for a principal of ₹ 5000 at the rate of interest 8% p.a is ___________


Depreciation value is calculated by the formula, `"P"(1 - "r"/100)^"n"`


If the present population of a city is P and it increases at the rate of r% p.a, then the population n years ago would be `"P"(1 + "r"/100)^"n"`


The time taken for ₹ 1000 to become ₹ 1331 at 20% p.a, compounded annually is 3 years


Find the compound interest on ₹ 3200 at 2.5% p.a for 2 years, compounded annually


Find the compound interest for `2 1/2` years on ₹ 4000 at 10% p.a, if the interest is compounded yearly


In how many years will ₹ 3375 become ₹ 4096 at `13 1/3` p.a if the interest is compounded half-yearly?


The sum which amounts to ₹ 2662 at 10% p.a in 3 years, compounded yearly is _________


Suppose for the principal P, rate R% and time T, the simple interest is S and compound interest is C. Consider the possibilities.
(i) C > S
(ii) C = S
(iii) C < S
Then ______.


Suppose a certain sum doubles in 2 years at r % rate of simple interest per annum or at R% rate of interest per annum compounded annually. We have ______.


Compound interest is the interest calculated on the previous year’s amount.


Share
Notifications



      Forgot password?
Use app×