Question

anil borrowed a sum of 8000 from a nationalised bank to purchase a mobile phone. if the rate of interest is 5% per annum calculate the compound interest that anil has to pay to the bank after 2 years​

Answer 1

Answer:

GIVEN

Principal = 8000

Rate of interest p.a. = 5%

Time = 2 years

Solution

Si = PRT/100 = 8000×5×2/100

40000×2/100

80000/100

=800

To calculate the compound interest :

Compound interest of 1st year

=PRT/100

8000×5×1/100

40000/100

=400

2nd year

Principal = 8000 +400

=84000

8400×5×1/100

84×5

=420

AMOUNT = 8400+420 = 8820

COMPOUND INTEREST = Amount - Simple interest

8820 - 800

= 20

The compound interest = 20

Please Mark me as Brainliest