Question

Q. Uma and Vibha borrowed 4500 each from a bank at same rate and the same day. After one
year Uma paid 5265 to settle her loan Vibha also wants to settle her debt after 3 years. How
much money she will have to pay?.... 10 points​

Answer 1

Answer:

Step-by-step explanation:

If Simple Interest:

Interest per year = 5265 - 4500 = 765

Interest for 3 years = 765 x 3 = 2295

Repayment Amount = 4500 + 2295 = 6795

If Compound Interest:

Interest Per year = 765

Interest Percentage = 765 / 4500 = 17%

Interest for 3 years = (1+17%)*(1+17%)*(1+17%) = 1.17 * 1.17 * 1.17 = 1.6016 = 60.16%

Repayment Amount = 4500 * (1+60.16%) = 4500 * 1.6016 = 7207.2

Answer 2

Answer:

5265-4500=765

765*3=2295

5265+2295=7560