Question

A sum of 15000 rupees earns compound interest of rupees 2496 in two years find the rate of interest.

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Maths

Comparing Quantities

Compound Interest

What is the compound intere...

MATHS

What is the compound interest on Rs. 15000, if Mike took loan from a bank for 2

2

1

at 8% per annum, compounded quarterly?

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ANSWER

We know the formula,

A=P(1+

n

r

)

n.t

Given:

P= Rs. 15000,r=20%,n=4 and t=2.5 years

⇒A=15000(1+

4

0.08

)

2×2.5

⇒A=15000×1.02

10

⇒A=15000×1.218994

⇒A= Rs. 18284.91

To find interest, we use formula

A=P+I

Since A=18284.91 and P=15000, we have

A=P+I

⇒18284.91=15000+I

⇒I=18284.91−15000=3284.91

Interest, I= Rs. 3284.91

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