Question

Amit took a loan of 80000 from a bank if the rate of it is 10% per annum find the difference in the amount of he would be paying after 1and half years if the rate of interest is compounded anually​

Answer 1

Answer:

compounded annually.

Answer: Amount after 1 year=80000+80000 10%=80000+8000=88000

Interest for the next 6 months = 88000 x 5%=4400

Amount after 1.5 years = 88000+4400 = 92400

(ii) compounded half yearly.

Answer: The rate of interest will become half and time will be three half years.

Check the image for answer for (ii)