2. Kartik wants to open a showroom. He borrows 24,80,000 on 12%p.a. interest.He
plans to pay this after 4years. Find i) Interest ii) Amount
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Answer:
Rate=12%
Principal Amount= P =24,80,000
Time=4 yrs.
Amount = A = P(1 + rt)
=24,80,000(1+12x4)
=24,80,000(1+48)
=24,80,000(49)
=121520000
Interest= I = A - P = 1,21,520,000 - 24,80,000
= 119040000
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