a man borrowed rs 1800 from axis bank for a period of 9/2 years. find the amount he would pay if the interest is 6% per annum.
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Answer:
Simple interest=
100
16000×8×2
=2560Rs
Compound interest=16000(1+
100
8
)
2
−16000=16000(
25
27
)
2
−16000=
625
16000×729
−16000=18662.40−16000=2662.40Rs
Diff of intt.=2662.40-2560=102.40 Rs
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