I borrowed rupees 12000 from Jenny at 6% per annum simple interest for 2 years, and I borrowed this sum by 6% per annum compound interest, what extra amount would I have to pay?
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Principal amount (P)=Rs. 12000
Rate of interest(R) = 6% per annum
Time (T) = 2 years
(i)Simple Interest=PRT÷100=12000×6×2÷100=12×120=
Rs. 1440
(ii)Compound Interest= P(1+R÷100)^T=12000(1+6÷100)^2=12000×(53÷50)^2 =120×53×53÷25=Rs. 13483.2
(iii)Total interest (Extra amount)=Rs. 14923.2
Rate of interest(R) = 6% per annum
Time (T) = 2 years
(i)Simple Interest=PRT÷100=12000×6×2÷100=12×120=
Rs. 1440
(ii)Compound Interest= P(1+R÷100)^T=12000(1+6÷100)^2=12000×(53÷50)^2 =120×53×53÷25=Rs. 13483.2
(iii)Total interest (Extra amount)=Rs. 14923.2
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