Maths compound interest extra questions
Answers
Answer:
1. Find the amount and the compound interest on $ 2500 for 2 years at 10% per annum, compounded annually.
2. Find the amount and the compound interest on $ 16000 for 3 years at 5% per annum, compounded annually.
3. Find the difference between the simple interest and the compound interest on $ 5000 for 2 years at 6% per annum.
4. Roby obtained a loan of $ 25000 from the Syndicate Bank to renovate her house. If the rate of interest is 8% per annum, what amount will she have to pay to the bank after 2 years to discharge her debt?
5. Henna borrowed $ 20000 from her friend Nancy at 12% per annum simple Interest. She lent it to Andy at the same rate but compounded annually. Find her gain after 2 years.
6. Mike deposited a sum of $ 64000 in a post office for 3 years, compounded annually at 7¹/₂ % per annum. What amount will he get on maturity?
7. David deposited a sum of $ 6250 in the ICICI Bank for 1 year, compounded half-yearly at 8% per annum. Find the compound interest he gets.
8. Mike borrowed $ 16000 from a finance company at 10% per annum, compounded half-yearly. What amount of money will discharge his debt after 1¹/₂ years?