Question

Neel borrowed Rs. 15000 for 3 years at 8% p.a compound interest. Find
a) The interest for the second year
b) The amount at the end of the third year

Answer 1

Answer:

a) ₹ 2496

b) ₹ 18,895.68

Step-by-step explanation:

first year

15000 = 100 %

1500 = 10 %

1200 = 8 %

15000 + 1200 = ₹ 16200

second year

16200 = 100 %

1620 = 10 %

1296 = 8 %

16200 + 1296 = ₹ 17496

third year

17496 = 100 %

1749.6 = 10 %

1399.68 = 8 %

17496 + 1399.68 = ₹ 18,895.68