Question

Ram borrowed a sum of ₹ 30000 from shyam for 3 years. If the rate of interest is 6%per annum compounded annually, find the interest paid by ram to shyam after 3 years

Answer 1

The Principle - Rs. 30000
Time - 3 years
Rate of Interest - 6% per annum
S.I = p*r*t/100
= 30000 * 6 * 3 / 100
= Rs 5400

After 3 years, Ram needs to pay (30000 + 5400) = Rs 35400 to Shyam.

Answer 2

Answer:

The interest paid by Ram to Shyam after 3 years is Rs.5730.48.

Step-by-step explanation:

Given : Ram borrowed a sum of ₹ 30000 from shyam for 3 years. If the rate of interest is 6%per annum compounded annually.

To find : The interest paid by ram to shyam after 3 years?

Solution :

The formula of compound interest is

$A=P(1+r)^t$

Where, A is the amount

P is the principal P=Rs.30000

r is the interest rate r=6%=0.06

t is the time t=3 years.

Substitute the value in the formula,

$A=30000(1+0.06)^3$

$A=30000(1.06)^3$

$A=30000(1.191016)$

$A=35730.48$

So, The amount is Rs.35730.48.

The compound interest is amount minus principal.

Compound interest = Amount - Principal

Compound interest = 35730.48 - 30000

Compound interest = 5730.48

Therefore, The interest paid by Ram to Shyam after 3 years is Rs.5730.48.