Question

Mohan borrowed rupees 16000 for 3 years at 5% per annum compound interest calculate the amount that Mohan will pay at the end of the 3 years. Answer should be ₹18522​

Answer 1

Answer:

For 1ST Year

Principal (P) = Rs. 16,000

Rate (R) = 5%

Time (T) = 1 Year

∴ Interest = (16,000 × 5 × 1)/100

= 160 × 5 = Rs. 800

∴ Amount at the end of 1st year = Rs. (16,000 + 800) = Rs. 16,800

For 2nd year

P = Rs. 16,800

R = 5%

T = 1 Year

∴ Interest = (16,800 × 5 × 1)/100 = 168 × 5= Rs. 840

∴ Amount at the end of 2nd year = Rs. (16, 800 + 840) = Rs. 17640

For 3rd year

P = 17640

R = 5%

T = 1 year

∴ Interest = (17640 × 5 × 1)/100 = 1764/2 = Rs. 882

∴ Amount at the end of 3rd year = Rs. (17640 + 882) = Rs. 18522

Hence reqd. mount = Rs. 18522

Step-by-step explanation:

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Answer 2

Step-by-step explanation:

for 1st year

principal (p) = rs. 16,000

rate (r) = 5%

time (t) = 1 year

∴ interest = (16,000 × 5 × 1)/100

= 160 × 5 = rs. 800

∴ amount at the end of 1st year = rs. (16,000 + 800) = rs. 16,800

for 2nd year

p = rs. 16,800

r = 5%

t = 1 year

∴ interest = (16,800 × 5 × 1)/100 = 168 × 5= rs. 840

∴ amount at the end of 2nd year = rs. (16, 800 + 840) = rs. 17640

for 3rd year

p = 17640

r = 5%

t = 1 year

∴ interest = (17640 × 5 × 1)/100 = 1764/2 = rs. 882

∴ amount at the end of 3rd year = rs. (17640 + 882) = rs. 18522

hence reqd. mount = rs. 18522