Question

Amina borrowed 25000 from Meena at 7% p.a simple interest for 2 years. Has she borrowed this sum at 7% p.a compound interest,what extra amount would she have to pay?

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Answer 1

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Answer 2

$\boxed{\red{ANSWER}}$

$\pink{Principal (P)} = 25000$

$\blue{Rate \: of \: Interest \: (R)} = 7 %$

$\green{Time (n)} = 2 years$

$\orange{Simple \: Interest }= \frac{P × R × T}{100}$

$- > \frac{25000 \times 7 \times 2}{100}$

$- > 3500$

$\purple{Amount(A)} = P {(1 + \frac{R}{100}) }^{2}$

$- > 25000 \times {(1 + \frac{7}{100} )}^{2}$

$- > 25000 \times ({ \frac{107}{100}) }^{2}$

$- > 25000 \times \frac{107}{100} \times \frac{107}{100}$

$- >Rs \: 28622.5$

$\red{Compound \: Interest} = Amount - Principal$

$- > 28622.5 - 25000$

$- > Rs \: 3622.5$

Extra Amount to pay by Amina :

--> Compound Interest - Simple Interest

--> 3622.5 - 3500

--> Rs 122.5

Amina has to pay Rs 122.5 extra ..

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