Question

Ravi purchased a house from DDA. If the cost of the house is 750000 and DDA charges interest at 6% per annum compounded annually find the interest paid by Ravi if he makes payment to DDA after three years

Answer 1

Principle = Rs. 750000

Rate = 6%

Time = 3 years

We know that ,

Amount = p{1+r/100} to the power n.

n = time

so,

=750000 x 53/50 x 53/50 x 53/50

=893262

So, interest = A - p

=893262-750000

=143262

Answer 2

Answer:

Step-by-step explanation:

principal =750000

rate of interest=6%

time=3 years

for 1st year

750000×6×1÷100

=45000

Amount =750000+45000

= 795000

now , for 2nd year

795000×6×1÷100

=47700

Amount =750000+47700

=842700

now, for 3rd year

842700×6×1÷100

=50562

amount =892700+50562

=893262

now,

C.I.= final amount - first principal

892700-750000

=143262