I borrowed rupee 12000 from jamshed at percent per annum simple interest rate for 2 years. Had I borrowed this sun at percent per annum compound interest ,what extra amount would I have to pay.
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12000 x 10 x 2 / 100 == 2400 ... simple interest for 2 years at 10% rate
while compounding after first term whatever interest got accumulated is added to principle and then calculate interest
12000 x 10 x 1 / 100 == 1200
13200 x 10 x 1 / 100 == 1320
so in Case of compounding 1200 + 1320 = 2520 will be intrest at 10%
difference of interest = 2520 - 2400 = 120 extra you need to pay
while compounding after first term whatever interest got accumulated is added to principle and then calculate interest
12000 x 10 x 1 / 100 == 1200
13200 x 10 x 1 / 100 == 1320
so in Case of compounding 1200 + 1320 = 2520 will be intrest at 10%
difference of interest = 2520 - 2400 = 120 extra you need to pay
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