Question

a person borrowed $ 7500 at 16/ per annum compound interest . what is the amount of compound interest he has to pay at the end of 2 years to clear the loan?

Answer 1

Answer:

Amount = Principal + Simple interest

Amount = 7500 + x

$x = \frac{p \times r \times t}{100} \\ \frac{7500 \times 16 \times 2}{100} \\ 75 \times 16 \times 2 = 2400$

7500 + 2400 = 9900 rs

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