Question

Mona lent 20,000 to Komal at an interest of 12% p.a. compounded yearly. Find the interest
Komal will pay after 2 years and 4 months.​

Answer 1

compound interest for 2 years

20000(1+(12/100))²=25088

Total interest for 2 years 4 months

25088(1+(4/12)×(12/100))=26091.52

Answer 2

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Mohini lent Rs. 20000 to Sheenu,

Rate=12% per annum compounded annually.

Time=2 years 4 months.

Principal=20000

We know that, 

A=P[1+100r]n=20000[1+10012]2=20000[2525+3]2=20000×(2528)2=25088

Now, interest on Rs. 25088 at 12% for 4months, =124=31 years.

∴ Interest=100×325088×1×12=1003.52

∴ Amount paid by Sheenu after 2 years 4months 

=25088+1003.52=26091.52 Rs

∴ Interest paid by Sheenu 

=26091.52−20000=6091.52 Rs.