Question

ramoji borrowed rupees 240000 for business for 3 years at 10 p.a compound interest had he borrowed the same sum for the same period at same rate of simple interest, how much less interest would he have to pay​

Answer 1

Answer:

7440Rs

Step-by-step explanation:

It's the sum from scholarship. I have the solution for it.

Principal=240000 Rs.

Time(N) = 3 years.

Rate of Interest- 10 p.c.p.a

So, let us first find the Amount.

A=P(1+R/100)Ñ

A= 240000(1+10/100)³

A= 240000(11/10)³

A=240000×11/10×11/10×11/10

So,

A=240×11×11×11

A=240×1331

A=319440

Now, let's find the Compound interest

C. I=A-P

C. I= 319440-240000

C. I =79440 Rs

Now, use the S. I formula with same principal, period and same rate of Interest.

S. I = P×R×N/100

S. I = 240000×3×10/100

S. I= 2400×30

S. I =72000Rs

Now let us find the difference between C. I and S. I

So,

79940-72000=7440 Rs

Therefore the less interest he have to pay is Rs 7440

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Answer 2

Answer:

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