Question

ram borrowed a sum of rs 30,000 from shyam for 3 years . if the rate of interest is 6% p.a. compounded annually , find the interest paid by ram to shyam after 3 years . [ use only c.a formula to solve ]

Answer 1

Answer:

Ram has to pay 5730 Rs to Shyam as interest

Step-by-step explanation:

As we have given in the question that the principal=30000 and the time=3 years and the rate of interest=6% which is compounded annually

Now we need to find the interest which ram has to pay after 3 years to Shyam at an amount of 30000.

So as we given in the question it should be calculated compound interest

$30000\times\dfrac{6}{100}=1800$

So the total amount after 1 year=30000+1800=31800\

$31800\times\dfrac{6}{100}$=1908[/tex]

So the total amount after 2 years=1908+31800=33708

$33708\times\dfrac{6}{100}=2022.48$

So the total amount after 3 years=2022+33708=35730

Therefore our final answer would be

$35730-30000=5730$