A man borrowed 20,000 for 2 years at 8%
per year compound interest. Calculate :
(1) the interest of the first year.
2)the interest of second year.
3)the final amount at the end of the second year.
Answers
Answered by
7
Answer:
Step-by-step explanation:
Interest for only first year is same for simple and compound interest
20000*8*1/100 = interest
1600 = interest for first yr
second year principle = 21600
interest = 21600(108/100)^2
=25194.24-21600
2nd yr interest = 3594.24
final amount at the end of 2nd year is 25194.24
Answered by
1
Answer:
3200+20000
Step-by-step explanation:
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