Question

i borrowed ₹ 12000 from prasad at 6% per annum simple interest for 2 years. had I borrowed this sum at 6% per annum compounded annually, what extra amount would I have to pay?

Answer 1

simple interest = prt/100
= 12000×6×2/100
= 1440
amount = principle + interest
=12000 + 1440
= 13440

compound interest :-

first year = 12000×6×1/100
= 720
amount = 12000 + 720
= 12720

second year = 12720×6×1/100
= 736.2
amount = 12720 + 736.2
= 13456.8

difference = CI - SI
= 13456.8 - 13440
= 56.8

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