3) Arif took a loan of Rs 80,000 from a bank. If the rate of interest is 10% per annum, find the
difference in amounts he would be paying after 1 year if the interest is (i) compounded annually.
(ii) compounded half yearly.
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Answer:
Step-by-step explanation:
Given - Principal = 80000
Rate of interest = 10%
Time = 1 year
A = P (1+R/100) raised to N
A = 80000 (1 + 10/100) raised to 1
= 80000 x 11/ 10
= 88000
Therefore amount for 1 year is rs. 88000
If the amount is compounded half yearly
88000 ÷ 2
= 44000
Therefore amount for half year is rs. 44000
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