Question

Salma took a loan of Rs. 625/- from the Mahila Samiti to purchase a sewing
machine. If the rate of interest be 8% calculated annually, then how much
money would salma return to the samiti after 2 years.​

Answer 1

Answer:

principal for the first year =₹625

rate of interest =8%

interest for the first year=625×8×1/100=₹50

amount at the end of first year=625+50=₹675

principal for the second year =₹675

interest for he second year =675×8×1/100=₹54

amount at the end of second year =₹675+54=₹729

compound interest paid by salma=final amount-principal

=729-625=₹104

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Answer 2

Answer:

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