A man borrows Rs 12,000 at a certain rate of compound interest per annum. His loan becomes Rs 12,730.80 at the end of 2 years. 1) Find the principal in the beginning of the second year. 2) Find the compound interest (to the nearest rupee) on the sun for 3 years.
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Solution:
Let the rate of interest = R%
Principal (P) = Rs.12,000
Time period (n) = 2 yrs
Where P is principal, R is rate of interest and n is time period
It is given that amount after two years = Rs. 12730.80
Therefore, Rate of interest = 3 % 1)
Principal in the beginning of second year = Principal + interest = 12,000 + 360 = Rs. 12360
2) Amount after 3 years Now, Compound interest on the sum of 3 years = Amount after 3 years - Principal = 13112.70 - 12000 = Rs. 1112.7
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