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Solution for 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? - CBSE Class 8 - Mathematics

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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?

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

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APPEARS IN

 NCERT Solution for Mathematics Textbook for Class 8 (2015 to Current)
Chapter 8: Comparing Quantities
Ex.8.3 | Q: 4 | Page no. 134
Solution 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? Concept: Rate Compounded Annually Or Half Yearly (Semi Annually).
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