khushawat borrowed rs 12500 for 3 years @ 5% annually on simple interest. if same amount is borrowed @ 5% annually on compound interest then what extra amount khushawat has to pay
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Consult the attachment for the calculation of amounts in SI and CI.
Now,
Difference between amounts of CI and SI = Extra amount Khushawat had to pay while on CI
Therefore,
Required answer = A in CI - A in SI = 14470.3125 - 14375 = ₹ 95.3125
Now,
Difference between amounts of CI and SI = Extra amount Khushawat had to pay while on CI
Therefore,
Required answer = A in CI - A in SI = 14470.3125 - 14375 = ₹ 95.3125
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