Question

joseph borrows an amount of rupees 6400 for 3years at 7.5percent per annum find the compound interest on this amount and also find the amount that should be paid after 3 years​

Answer 1

Answer:

Amount =

$p(1 + \frac{r}{100} )^{n}$

$= 6400(1 + \frac{7.5}{100} )^{3}$

$= 6400( \frac{107.5}{100} )^{3}$

$= 6400(1.075)^{3}$

$= 6400 \times 1.2423$

$= 7950$

Compound Interest

= Amount -Principal

= 7950 - 6400

= 1550