Question

03) A man borrowed 20,000 for 2 years
at 8% per year compound interest.
Calculate:
(i) The interest of the first year.
(ii)The interest of the second year.
(iii)The final amount at the end of the
second year.

Answer 1

Ans:- S.I for first year = (p × r × t)/100

= (20000 × 8 × 2)/100

= ₹3200 ans

2. Principal for second year = 20000 + 3200

= ₹23200

S.I for second year = (p × r × t)/100

= (23200 × 8 × 2)/100

= ₹3712 ans

3. therefore the final amount = 23200 + 3712

= ₹26912 ans

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