Question

Q.7
Raj obtained a loan of Rs. 20,000 from State Bank of India to renovate his house. If
the rate of interest is 16% per annum, find the compound interest he will pay after 3
years.

Answer 1

Answer:

ci=P×R×T/100

=20,000×16×3/100

=2000×3

=5000

A=P+I

=20,000+5000

=25000

Answer 2

Answer:

ci=P×R×T/100

=20,000×16×3/100

=2000×3

=5000

A=P+I

=20,000+5000

=25000