Advertisements
Advertisements
Question
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
APPEARS IN
RELATED QUESTIONS
Calculate the amount and compound interest on Rs 10000 for 1 year at 8% per annum compounded half yearly.
What will Rs 125000 amount to at the rate of 6%, if the interest is calculated after every 3 months?
The present population of a town is 28000. If it increases at the rate of 5% per annum, what will be its population after 2 years?
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.
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?
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 ___________
A principal becomes ₹ 2028 in 2 years at 4% p.a compound interest. Find the principal
The cost of a machine is ₹ 18000 and it depreciates at `16 2/3 %` annually. Its value after 2 years will be ___________
