Question

Rakesh obtained a loan of rs 35000 from a Rural Bank to start a small scale industry. If the rate of interest be 20% per annum, find the compound interest that he will pay after 3 years​

Answer 1

Hence, The C. I. is ₹ 25480

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Answer 2

The compound interest that he needs to pay = Rs.25480  

Given:

Rakesh obtained a loan of Rs. 35000 from a Rural Bank  

The rate of interest = 20% per annum

The time period = 3 years

To find:

The compound interest that he will pay after 3 years​

Solution:

NOTE:

The formula for the Compound interest is given by

                           C.I = P(1+R/100)^T - P

From given data,

Principal amount P = Rs.35000

The rate of interest R = 20%

The time period T = 3 years

Substitute above values in given formula

⇒ C.I = 35000(1+20/100)³ - 35000

= 35000(1+1/5)³ - 35000  

=  35000[ (1+0.2)³ - 1 ]

= 35000 [ (1.2)³ - 1 ]  

= 35000 [ 1.728 - 1 ]

= 35000 [ 0.728 ]

= 25480    

Therefore,  

The compound interest that he needs to pay = Rs.25480  

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