Mohan borrowed 12000 rupees from a bank at 6 % compound interest.after 2 years the interest rate was lowered to 3 %. what is the total amount that Mohan has to repay at the end of 3 years?
Answers
Answered by
0
Answer:
Given P=Rs.12000N=2R=6%
S.I.=
100
PNR
SI =
100
12000×6×2
=1440
A=SI+P=1440+12000= Rs. 13440
Compound interest:
A=P(1+
100
r
)
n
=12000(1+
100
6
)
(2)
=12000(1.1236)
=Rs.13483.2
Amount =Rs.13483.20
CI=A−P=13483.20−12000
=Rs.1483.20
Extra interest =13483.20−13440=Rs.43.20
Similar questions