Meera borrowed ₹ 20000 from Rahul at 8% per annum simple interest for 3 years. Had Meera borrowed this sum at 10% per annum compound interest what extra amount would she have to pay?
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Answer:
S,I,
P = ₹20,000, R = 8%, T = 3 years.
S.I = ₹4,800
A = ₹24,800
C.I,
P = ₹20,000, R = 10%, T = 3 years.
A = P(1+R/100)n
20,000(1+10/100)3
= 20,000 × 11/10×11/10×11/10
= 20 × 11 × 11 × 11
= 20 × 1331 = 26,220
Amount paid extra = 26,220 - 24,800
= ₹1,420
Step-by-step explanation:
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