i borrowed rs 12000 from prasad at 6% annum simple interest for two yrs had i borrowed this sum at 6% per annum compounded anually , what extra amount would i have to pay
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p= Rs. 12,000
R= 6% (or r= 0.06) per annum
t= 2 years
Simple I= p×r×t = 12,000×0.06×2 = 12,00×0.12 = Rs. 1,440
Compounded I = p [(1+r/100)^t-1]
= 12,000 [ (1 + 6/100)^2 - 1]
= 12,000 [ (1 + 0.06)^2 - 1]
= 12,000 [ 1.06^2 - 1]
= 12,000 [ 0.12]
= 1,483.20
Therefore, the total amount you need to pay is Rs. (12,000 + 1,440 + 1,483)
= Rs. 14,923.
R= 6% (or r= 0.06) per annum
t= 2 years
Simple I= p×r×t = 12,000×0.06×2 = 12,00×0.12 = Rs. 1,440
Compounded I = p [(1+r/100)^t-1]
= 12,000 [ (1 + 6/100)^2 - 1]
= 12,000 [ (1 + 0.06)^2 - 1]
= 12,000 [ 1.06^2 - 1]
= 12,000 [ 0.12]
= 1,483.20
Therefore, the total amount you need to pay is Rs. (12,000 + 1,440 + 1,483)
= Rs. 14,923.
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39
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