Question

A man borrwed Rs 20,000 for 2 years at 8% per year compuned interest, what is the intrest of the second year?​

Answer 1

Answer:

Simple Interest I=  

100

PNR

​  

 

Here for first year,

P= Rs. 20,000

N=1 year

R=8%  

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

100

20,000×1×8

​  

= Rs. 1,600

So, for second year,

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

N=1 year

R=8%  

I=  

100

21,600×1×8

​  

= Rs. 1,728

Answer 2

Answer:

Interest for 2nd year = 1728

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Step-by-step explanation:

P = 20,000

R = 8%

Interest for 1st year = $\frac{P*T*R}{100} = \frac{20,000*8*1}{100} = 1600$

Principal for 2nd year = 20,000 + 1600 =  21,600

Interest for 2nd year = $\frac{P*T*R}{100} = \frac{21,600*8*1}{100} = 1728$