Question

17. A man borrows Rs 12,000 at a certain rate of compound interest per annum. His loan becomesRs 12.730.80 at the end of 2 years,
(1) Find the principal in the beginning of the second year,
(2) Find the compound interest to the nearest rupee) on the sum for 3 years.
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Answer 1

Answer:

Let the rate of interest = R%

Principal (P) = Rs.12,000

Time period (n) = 2 yrs

Where P is principal, R is rate of interest and n is time period

It is given that amount after two years = Rs. 12730.80

Therefore, Rate of interest = 3 % 1)

Principal in the beginning of second year = Principal + interest = 12,000 + 360 = Rs. 12360

2) Amount after 3 years Now, Compound interest on the sum of 3 years = Amount after 3 years - Principal = 13112.70 - 12000 = Rs. 1112.7

Step-by-step explanation:

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