a man borrows rupees 12000 at a certain rate of compound interest per annum. His loan becomes rupees 12730.80 at the end of 2 years. Find the principal in the beginning of the second year and find the compound interest on the sum of three years
Answers
Answer:
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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Answer:
P=₹12000
A=₹12730.80
T=2 years
Intrest for 1 year = A-P
= 12730.80-12000
=₹730.80
→Principal for 2 year=Amount of 1year+Intrest for 1year.
=12730+730.80
=₹13490.80