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
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.
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.
Geeta borrowed Rs. 15,000 for 18 months at a certain rate of interest compounded semi-annually. If at the end of six months it amounted to Rs. 15,600; calculate :
(i) the rate of interest per annum.
(ii) the total amount of money that Geeta must pay at the end of 18 months in order to clear the account.
On a certain sum of money, invested at the rate of 10 percent per annum compounded annually, the interest for the first year plus the interest for the third year is Rs. 2,652. Find the sum.
Calculate the compound interest for the second year on Rs. 15000 invested for 5 years at 6% per annum.
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 compound interest payable annually on a certain sum for 2 years is Rs 40.80 and the simple interest is Rs 40. Find the sum and the rate percent.
The present value of a machine is ₹ 16800. It depreciates at 25% p.a. Its worth after 2 years is ₹ 9450
Find the compound interest for `2 1/2` years on ₹ 4000 at 10% p.a, if the interest is compounded yearly
