Question

find the interest paid by a borrower after a period of three years on a loan of 2000 at 10 %per annum, interest being compounded annually.

Answer 1

the given money is 2000
interest percentage is 10 per annum.
for first year 2000+200=2200
second year 2200+220=2420
third year 2420 + 242=2662
if wrong answer it

Answer 2

compounded amount = 2662.
compounded interest = compounded amount- principal
=2662-2000
= 662.


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