Advertisements
Advertisements
Question
Surabhi borrowed a sum of Rs 12000 from a finance company to purchase a refrigerator. If the rate of interest is 5% per annum compounded annually, calculate the compound interest that Surabhi has to pay to the company after 3 years.
Advertisements
Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[ = 12, 000 \left( 1 + \frac{5}{100} \right)^3 \]
\[ = 12, 000 \left( 1 . 05 \right)^3 \]
\[ = 13, 891 . 50\]
Thus, the required amount is Rs 13, 891.50.
Now,
CI = A - P
= Rs 13, 891 . 50 - Rs 12, 000
= Rs 1, 891 . 50
APPEARS IN
RELATED QUESTIONS
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?
Arif took a loan of Rs 80,000 from a bank. If the rate of interest is 10% per annum, find the difference in amounts he would be paying after `1 1/2` years if the interest is
(1) Compounded annually
(2) Compounded half yearly
Ramesh deposited Rs 7500 in a bank which pays him 12% interest per annum compounded quarterly. What is the amount which he receives after 9 months.
Find the compound interest on Rs 15625 for 9 months, at 16% per annum, compounded quarterly.
On what sum will the compound interest at 5% per annum for 2 years compounded annually be Rs 164?
In what time will Rs 4400 become Rs 4576 at 8% per annum interest compounded half-yearly?
A certain sum amounts to Rs 5832 in 2 years at 8% compounded interest. Find the sum.
A sum of money deposited at 2% per annum compounded annually becomes Rs 10404 at the end of 2 years. Find the sum deposited.
Ashima took a loan of Rs 1,00,000 at 12% p.a. compounded half-yearly. She paid Rs 1,12,360. If (1.06)2 is equal to 1.1236, then the period for which she took the loan is ______.
The compound interest on a sum of Rs P for T years at R% per annum compounded annually is given by the formula `P(1 + R/100)`.
