Question

Daljit receive a sum of rupees 40000 as a loan from a finance company at rate of 7% per annum find the compound interest paid by daljeet after 2 years.

Answer 1

Interest for first year.
S.I. = P×R×T/100
= 40,000×7×1/100
= ₹2,800
A = P + S.I.
= ₹(40,000+2,800)
= ₹42,800
Interest for second year.
S.I. = P×R×T/100
= 42,800×7×1/100
= ₹2,996
A = P + S.I.
= ₹(42,800+2,996)
= ₹45,796
Compound Interest for 2 years
= A - P
= ₹(45,796-40,000)
= ₹5,796.




Hope it helps you.
With regards@
Tanisha

Answer 2

Diljit receive a sum of 40000 rupees as a loan from a finance company at the rate of 7% per annum find the compound interest paid by Daljit after 2 years