Math, asked by rajumadugula50, 1 year ago

Gitesh took a loan for 4 years at 5% compound interest.If the total interest paid was 431.01.calculate the principal​

Answers

Answered by amitnrw
3

Principle = 2000 if CI   considered

Step-by-step explanation:

Let say Principle = P

Rate of interest = 5 % per annum

Time = 4 Years

Simple interest = P * R * T /100

= P * 5 * 4 /100

= P/5

P/5 = 431.01

=> P = 2155.05

Compound interest = P (1  + 5/100)⁴ - P

= P( 0.21550625)  = 431.01

=> P = 1999.99

=> P = 2000

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