Question

ample 3: Rajat bought a washing machine on credit. If the washing machine costs 9000
and the shopkeeper charges interest at the rate of 6% per annum, calculate
amount and the compound interest Rajat will have to pay after three years.
Princinal for the first year -
ono​

Answer 1

Answer

Amount=10719.144

Answer 2

✪ QUESTION :

Rajat bought a washing machine on credit. If the machine costs Rs. 9,000 and the shopkeeper charges interest at the rate of 6% per annum, calculate the amount and the compound interest Rajat will have to pay after three years.

SOLUTION -/-

=> Principal for the first year = Rs.9,000

=> Intrest for the first year = P × R × T /100 =

$= > \frac{9000 \times 6 \times 1}{100} = rs. \: 540$

Amount at the end of 1st year =

=> Rs. 9000 + Rs.540

=> 9,540 (P for 1st year)

Hence, interst for 2nd year = P × R × T / 100

$= > \frac{9540 \times 6 \times 1}{100} = rs. \: 572.40$

Amount at the end of second year =

=> Rs. 9,540 + Rs. 572.40

=> Rs. 10,112.40 (P for 3rd year)

Intrest for the 3rd year = P × R × T / 100

$= > \frac{10112.40 \times 6 \times 1}{100} = 606.744 = 606.74$

Amount paid by Rajat at the end of 3rd year

=> Rs. 10,112.40 + Rs. 606.74

=> Rs. 10,719.14

Hence, Compound interest paid by Rajat

=> Amount – Principal

=> Rs. 10,719.14 – Rs. 9,000

=> Rs. 1,719.14

Therefore, the amount and the compound interest paid by Rajat after 3 years are Rs. 10,719.14 and Rs. 1,719.14 respectively.