Question

1)find simple and compound interest on rupees 60,000 for 3 years at 5% per annum.Also find amount of both interest.​with clear explanation.

Answer 1

Step-by-step explanation:

S.I.=P×R×T/100

= 60000×5×3/100

= 600×15

= ₹9000

AMOUNT= P+ S.I.

= 60000+9000

= ₹ 69000

Answer 2

The simple interest is ₹9,000 and the amount is ₹69,000.

The compound interest is ₹9,600 and total amount is ₹69,600.

Given:

• ₹ 60,000 for 3 years at 5% per annum.

To find:

• Find the simple and compound interest.

Solution:

Formula to be used:

• Simple interest $\bf SI = \frac{PRT}{100}$ here, P: Principal amount, R: rate, and T: time

• Compound interest $\bf CI = P\bigg( {1 + \frac{R}{100} }\bigg)^{T} - P$

Step 1:

Calculate the simple interest.

$SI = \frac{60000 \times 5 \times 3}{100}$

$SI = 600 \times 15$

$\bf SI = 9000$

Thus,

The simple interest is ₹9,000 and the total amount is ₹69,000.

Step 2:

Calculate the compound interest.

$CI = 60000 \left( \left ( {1 + \frac{5}{100} } \right)^{3} - 1 \right)$

$CI = 60000 \left( \left ( { \frac{105}{100} } \right)^{3} - 1 \right)$

$CI = 60000 \left( \left ( { \frac{21}{20} } \right)^{3} - 1 \right)$

$CI = 60000 ( ( { 1.05})^{3} - 1)$

$CI = 60000 (1.16 - 1)$

$CI = 60000 (0.16 )$

$\bf CI =9600$

Thus,

The compound interest is ₹9,600 and total amount is ₹69,600.

Therefore,

The simple interest is ₹9,000 and the amount is ₹69,000.

The compound interest is ₹9,600 and total amount is ₹69,600.

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