Question

is 8% per annum, what amount will she have to pay to the bank after 2 years?
6. Kuldeep borrowed 7 20000 from his friend at 12% per annum simple interest for one year. We
amount he will pay to his friend.


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Answer 1

Answer:

Present value = Rs.20000  Interest rate = 12% per annum  Time = 2 years  Simple interest (SI) = PRT/100 [where, P = Present value  R = Interest rate, T = Time]  ∴ SI = (20000 × 12 × 2)/100  ⇒ SI = 200 × 12 × 2  ⇒ SI = 4800  Now,  Amount (A) = P (1 + R/100)n [Where, P = Present value  R = Annual interest rate  n = Time in years]  ∴ A = 20000 (1 + 12/100)2  ⇒ A = 20000 (112/100)2  ⇒ A = 20000 (1.12)2  ⇒ A = 20000 × 1.2544  ⇒ A = 25088  ∴ Amount = Rs.25088  ∴ Compound interest = Rs.(25088 – 20000)  = Rs.5088  Now,  (CI – SI) = 5088 - 4800  = Rs.288  ∴ The amount of money Harpreet will gain after two years = Rs.288Read more on Sarthaks.com - https://www.sarthaks.com/1118002/harpreet-borrowed-20000-friend-annum-simple-interest-alam-same-rate-compounded-annually

Step-by-step explanation:

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