Advertisements
Advertisements
Question
Rekha borrowed Rs. 40,000 for 3 years at 10% per annum compound interest. Calculate the interest paid by her for the second year.
Advertisements
Solution
For 1st year
Principal = Rs.40,000, Rate = 10%, Time = 1 year
∴ Interest =`(40,000xx10xx1)/100`
= 400 × 10
= Rs.4000
∴ Amount at the end of 1st year = Rs. (40,000 + 4000) = Rs.44,000
For 2nd year
P = Rs.44,000, R = 10%, T = 1 year
∴ Interest = Rs.`(44,000xx10xx1)/100`
= 440 × 10
= Rs.4400
Thus interest earned in the second year = Rs.4400
APPEARS IN
RELATED QUESTIONS
Rachana borrowed a certain sum at the rate of 15% per annum. If she paid at the end of two years Rs 1290 as interest compounded annually, find the sum she borrowed.
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 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 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 ?
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.
The time taken for ₹ 1000 to become ₹ 1331 at 20% p.a, compounded annually is 3 years
The sum which amounts to ₹ 2662 at 10% p.a in 3 years, compounded yearly is _________
Find the rate of compound interest at which a principal becomes 1.69 times itself in 2 years
The compound interest on Rs 50,000 at 4% per annum for 2 years compounded annually 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.
