Answer the 1) Ruby obtained a loan of 25000 from the Syndicate Bank to renovate her house. If the rate of interest is 8% per annum. Find (1) the interest for the first year (1) the principal for the second year. (III) the amount to be paid to the bank after 2 years to discharge her debt.
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Answer the 1) Ruby obtained a loan of 25000 from the Syndicate Bank to renovate her house. If the rate of interest is 8% per annum. Find (1) the interest for the first year (1) the principal for the second year. (III) the amount to be paid to the bank after 2 years to discharge her debt.
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Present value= ₹ 25000 Interest rate= 8% per annum Time=2 years To find the amount we have the formula, Amount (A) = P (1+(R/100))n Where P is present value, r is rate of interest, n is time in years. Now substituting the values in above formula we get, ∴ A = 25000 (1 + 8/100)2 ⇒ A = 25000 (108/100)2 ⇒ A = 25000 (1.08)2 ⇒ A = 25000(1.1664) ⇒ A = ₹ 29160 Ratna has to pay ₹ 29160Read more on Sarthaks.com - https://www.sarthaks.com/737622/ratna-obtained-loan-25000-from-the-syndicate-bank-renovate-her-house-rate-interest-annum