Question

Find the interest paid by a borrower after a period of 3 years on a loan Rupees2000 at 10% per annum interest being compounded annually​

Answer 1

Answer:

principal=2000

rate=10%

Time=3 year

For the First Year

P=2000

Rate=10%

Time=1 year

so,

SI=p×r×t/100

=2000×10×1/100

= 200 Amount = 2000+200=2200.

For the second year

P=2200

R=10%

T=year

so,

SI=P×R×T/100

=2200×10×1/100

=220 Amount=2200+220=2420

For The Third Year

P=2420

R=10%

T=1 year

so,

SI=P×R×T/100

=2420×10×I/100

=242 Amount =2420+242=2662

compound interest=2000-2662

= 662

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