A man borrows 40000rs. on compound interest from a finance company which charge the interest 10% for the first year and 12% per annum for second year. Find how much interest he has to pay if the compound interest is payable yearly.
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Answer:
first year
principal=4oooors
Rate=10%
Time=1 year
Amount =p(1+R/100)n
=40000rs(1+10/100)1
=40000rs(1+1/10)1
=40000rs(10+1/10)1
=40000rs(11/10)1
=40000rs×11/10
=4000rs×11
=44000rs
=this is amount
compound interest=Amount-principal
=44000-40000rs
=4000rs
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