Question

B Practice to be perfect 8.3 1 Pradeep borrowed * 3000 for 2 years at 8% annual compound interest rate from bank for establishing a biogas plant. If interest is accumulated annually then determine. (i) What amount has to be repaid with 8% annual compound interest rate? (ii) How much compound interest is there? (iii) If this money was borrowed with simple interest then less or more interest was to be paid and how much? ​

Answer 1

Answer:

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Step-by-step explanation:

Hence, the amount to be paid is Rs 3,499.20. (ii) Compound Interest = A – P = 3,499.20 – 3,000 = Rs 499.20 (iii) Simple Interest Therefore, if he borrowed money on simple interest, then he would pay Rs 19.20 less as compared to compound interest.Read more on Sarthaks.com - https://www.sarthaks.com/821523/sandeep-borrowed-3000-years-annual-compound-interest-rate-from-establishing-biogas-plant?show=821535#a821535