Ravi borrowed.a sum of rs.46500 for period of 21 months at the rate of 13%per annum. Find the interest to be paid by ravi
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Answer:
Interest to paid by Ravi = Rs.11089.09
Step-by-step explanation:
P = initial amount = Rs.46500
R = Rate of interest per cent per year = 13
T = Period in years = 1.75 [21 months = 1+(3/4) years = 1.75 years]
A = final amount
According to compound interest formula:
A = P(1+R/100)^T
A = 46500 * (1 + 13/100)^(1.75)
= 46500 * (1.13)^(1.75)
= 46500 * 1.238475
= 57589.09
Amount payable by Ravi at the end of 21 months = 57589.09
Interest paid by Ravi = A - P
= 57589.09 - 46500
= 11089.09
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