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To Start a Business Shalaka Has Taken a Loan of ₹8000 at a Rate of 10 1 2 P.C.P.A. After Two Years How Much Compound Interest Will She Have to Pay? - SSC (English Medium) Class 8 - Mathematics

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Question

To start a business Shalaka has taken a loan of ₹8000 at a rate of 10 `1/2` p.c.p.a. After two years how much compound interest will she have to pay?

Solution

Here, P = ₹ 8000; R = 10 `1/2` % ; N = 2 years

A = P `(1 + R/100)^N`

   = 8000 `(1 + (10 1/2)/100)^2` 

   = 8000 `(1 + 21/200)^2`

  = 8000 `(221/200)^2`

   = 9768.20 Rupees

Compound interest after 2 years,

I = Amount - Principal

  = 9768.20 - 8000

  = 1768.20 Rupees

Hence, she will have to pay a compound interest of ₹ 1768.20 after 2 years.

  Is there an error in this question or solution?

APPEARS IN

 Balbharati Solution for Balbharati Class 8 Mathematics (2019 to Current)
Chapter 14: Compound interest
Practice Set 14.1 | Q: 3 | Page no. 90
Solution To Start a Business Shalaka Has Taken a Loan of ₹8000 at a Rate of 10 1 2 P.C.P.A. After Two Years How Much Compound Interest Will She Have to Pay? Concept: Application of Formula for Compound Interest.
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