A man borrowed Rs. 20,000 for 2 years at 8% per year compound interest. Calculate : (i) the interest of the first year.
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Answer: the compound interest calculated is more than the simple interest ... A sum of Rs 20,000 is borrowed by Heena for 2 years at an interest of 8% compounded annually. ... Amount at the end of 1st year = P1 + SI1 = Rs 20000 + Rs 1600
Step-by-step explanation:
Answered by
8
Answer:
Step-by-step explanation:
The interest for the first year will be ₹1600 because
20000×8÷100=1600
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