Question

Raj obtained a loan of rs 20,000 from State Bank of India to renovate at his house if the rate of interest is 16% per annum find the compound interest in pay after three years.​

Answer 1

Step-by-step explanation:

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Principal = 20,000

rate=16p.c.p.a

time=3 years

Simple Interest=P*R*T/100

=20000*16*3/100

=200*16*3

=9600Rs

So, the interest he will pay is 9600Rs

Answer 2

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Given❇

Principal = 20,000

Rate = 16%

Time = 3 year

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Find❇

Find the compound Interest = ?

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Solution❇

$= a = p ({ \frac{1 + r}{100} })^{n} \\ = a = 20000 ({ \frac{1 + 16}{100} )}^{3} \\ = a = 20000 \times \frac{216}{200} \times \frac{216}{100} \\ = a = 216 \times 108 \\ = a = 23328$

From here we get ,

Amount = 23328

For compound Interest,

= Amount - Principal

= 23328 - 20000

= 23328

Thus,compound interest=23328

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