Question

Ram prakash borrowed rs.2000 from a bank at6% per anumn simple intrest for 2years .he had borrowed thus sum at 6 %per anumn compound intrest what extra amount would he have to pay

Answer 1

Simple interest, S.I=PTR/100

S.I=2000*6*2/100= 240

Compound interest, C.I= 2000[(1+6/100)²-1]

=247.2

∴ C.I-S.I=247.2-240=7.2

He have to pay 7 rupees and 20 paisa.

Answer 2

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