Question

A man borrowed Rs. 20,000 for 2 years at 8% per year compound interest. Calculate the interest of the first year.​

Answer 1

Answer:

ci in one year =p×r×t/100

20000×8×1/100

200×8×1

1600

Explanation:

mark me as a brainlist.

thank you.

Answer 2

Answer:

Simple Interest,

$I = \frac{P×N×R}{100}$

Here for first year,

Principal, P = Rs 20,000

Number of years, N = 1 year

Rate, R = 8%

So, Interest at the end of 1st year, I =

Number of years, N = 1 year

Rate, R = 8%

So, Interest at the end of 1st year, I =

$\frac{20000 \times 1 \times 8}{100} = Rs 1,600$

So, for second year,

P = Rs 20,000 + Rs 1,600 = Rs 21,600

N = 1 year

R = 8%

Therefore,

$I = \frac{21600 \times 1 \times 8}{100} = Rs 1,728$

Explanation:

hope it helps you