Question

Mrs. Shukla borrowed 60,000 from a money
lender at 5% simple interest for two years.
The money lender deducts the interest that
would be due at the end of the period and
handed over the balance to Mrs. Shukla.
Mrs. Shukla deposits the entire amount of
money in a bank which pays 5% compound
interest p.a. Find the amount of money that
Mrs. Shukla will have to add to pay the money
back to the money lender.​

Answer 1

I = ptr/100

I =60000×2×5/100

I = 6000