Question

10. A sum of 15,000 was borrowed at a rate of 20% per annum for 3 years, find the simple interest and compound interest after three years, when the interest is compounded annually.
11. Write an expression to find the amount if the principal P is invested for two years and the interest is compounded monthly, at a rate of r% per annum. ​

Answer 1

Answer:

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Step-by-step explanation:

10. answer

"Given:

Principal, P = Rs 15,000

Time period, T = 3 years 

Interest paid for 3 years = Rs 2700

Concept used:

Simple interest, SI = PRT/100

Calculation:

SI = PRT/100

⇒ 2700 = (15,000 × 3 × R)/100

⇒ R =  2700 × 100/(15,000 × 3)

⇒ 6%

∴ The rate of interest is 6%."

11answer