if a person borrow rupees 15000 for 3 years at an interest rate of 10% compounded annually then what will be compound interest and the amount to be paid by him
Answers
Answer:
See below :)
Step-by-step explanation:
1. Find the Simple Interest (S.I.) for one year.
Let the principal for the first year be P1. Here, P1 = Rs 15,000
SI1 = SI at 10% p.a. for 1st year = 15000 * 10 / 100 = Rs. 1500 + P1
2. Then find the amount which will be paid or received. This becomes principal for the next year.
Amount at the end of 1st year = P1 + SI1 = Rs 15000+ Rs 1500 = 16500 = P2
3. Again find the interest on this sum for another year.
SI2 = SI at 10% p.a.for 2nd year = 16500*10 / 100 = 1650.
4. Then find the amount which will be paid or received. This becomes principal for the next year.
Amount at the end of 2nd year = P2 + SI2 = Rs 16500+ Rs 1650 = 18150=P3.
5. Again find the interest on this sum for another year.
SI3 = SI at 10% p.a.for 3rd year = 18150*10 / 100 = 1815.
6. Then find the amount which will be paid or received. This becomes principal for the next year.
Amount at the end of 3rd year = P3 + SI3 = Rs 18150+ Rs 1815 = 19965 = P3.
Total interest given = 1500 + 1650 + 1815 = 4965
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Answer:
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