Advertisements
Advertisements
Question
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.
Advertisements
Solution
Sum lends (P) = ₹24000
Rate (R) = 13% p.a.
Time (T) = 2 years
In case of simple interest,
Simple interest for 2 years = `" PRT"/100`
= `₹(24000xx13xx2)/100`
= ₹6240
In the case of compound interest,
Interest for the first year = `(24000xx12xx1)/100`
= ₹2880
Amount after the first year,
= ₹24000 + 2880
= ₹26880
Interest for the second year = `₹(26880xx12xx1)/100`
= `₹322560/100`
= ₹3225.60
∴ C.I. for 2 years = ₹2880 + 3225.60
= ₹6105.60
Total interest = ₹6240 + 6105.60
= ₹12345.60
APPEARS IN
RELATED QUESTIONS
Calculate the amount and compound interest on Rs 18000 for `2 1/2` years at 10% per annum compounded annually.
What will Rs 125000 amount to at the rate of 6%, if the interest is calculated after every 3 months?
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.
Peter borrows ₹ 12,000 for 2 years at 10% p.a. compound interest. He repays ₹ 8,000 at the end of the first year. Find:
- the amount at the end of the first year, before making the repayment.
- the amount at the end of the first year, after making the repayment.
- the principal for the second year.
- the amount to be paid at the end of the second year, to clear the account.
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 on ₹ 16000 for 9 months at 20% p.a, compounded quarterly is ₹ 2522
The time taken for ₹ 4400 to become ₹ 4851 at 10%, compounded half yearly is _______
A sum is taken for two years at 16% p.a. If interest is compounded after every three months, the number of times for which interest is charged in 2 years is ______.
To calculate the growth of a bacteria if the rate of growth is known, the formula for calculation of amount in compound interest can be used.
