I borrowed rupees 12000 from prasad at 6% per annum simple interest for 2 years had I borrow this sum at 6% per annum compounded annually what extra amount would I have to pay
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73
Ans. Here, Principal (P) = Rs.12,000, Time = 2 years, Rate of interest (R) = 6% p.a.
Simple Interest =
= = Rs. 1,440
Had he borrowed this sum at 6% p.a., then
Compound Interest =
=
=
=
=
= Rs. 13,483.20 – Rs. 12,000
= Rs. 1,483.20
Difference in both interests
= Rs. 1,483.20 – Rs. 1,440.00 = Rs. 43.20
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