Question

Example 3: Rajat bought a washing machine on credit. If the washing machine costs
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.​

Answer 1

Answer:

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Step-by-step explanation:

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Answer 2

Given:

• Principal (P) = Rs. 9000
• Rate of Interest (R%) = 6% p.a
• Time (T) = 3 years

To be found:

The amount and the compound interest Rajat will have to pay after three years.

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Solution:

• At 1st year,
• P = 9000
• R = 6%
• T = 1

Interest for the first year = $\frac{P \times R \times T}{100} = \frac{9000 \times 6 \times 1}{100}$

= Rs 540

So,

The Amount at the end of the first year = P + SI

= 9000 + 540

= Rs 9540

Now,

• At 2nd year,
• P = 9540
• R = 6%
• T = 1

Interest for the second year = $\frac{P \times R \times T}{100} = \frac{9540 \times 6 \times 1}{100}$

= Rs 572.40

So,

The Amount at the end of the second year = P + SI

= 9540 + 572.40

= Rs 10112.40

And,

• At 3rd year,
• P = 10112.40
• R = 6%
• T = 1

Interest for the third year = $\frac{P \times R \times T}{100} = \frac{10112.40\times 6 \times 1}{100}$

= Rs 606.744

So,

The Amount at the end of the third year = P + SI

= 10112.40 + 606.744

= Rs 10719.14

Now,

The Compound Interest pain by him,

= Amount - Principal

= 10719.14 - 9000

= Rs 1719.14

Therefore,

The amount = Rs 10719.14 and Compound Interest = Rs 1719.14 that will be paid by Rajat after three years.