Question

loan of Rs 80000 from a bank at 15% rate of interest per annum compounded annually for 3 years what will be the interest live on the sum in 3 years

Answer 1

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Here is your answer
P = Rs 80,000
R = 15%
T = 3 years = n = 3 as comp. Ann.

As we know that
A = P (1+ R/100)^n
$= 80000 \times (1 + \frac{15}{100} ) {}^{3} \\ = 80000 \times ( \frac{115}{100} ) {}^{3} \\ = \frac{80000 \times 115 \times 115 \times 115}{100 \times 100 \times 100} \\ = 121670$
CI = A - P
= 121670 - 80000
= 41,670


Therefore Interest is Rs 41,670

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