Question

Sameer gave a loan of Rs 55,000 to Deepak for a pwriod of 2 years at 16% per annum compounded yearly. How much interest will Sameer earn? explain step by step​

Answer 1

Given:

✰ P = Rs 55,000

✰ R = 16%

✰ T = 2 years

( here P = principal, R = rate, T = time )

To Find:

• Simple Interest

Solution:

➩ Simple Interest = Principal × Rate × Time/100

➩ Simple Interest = P × R × T/100

Put the values in the formula,

➩ Simple Interest = 55000 × 2 × 16

100

➩ Simple Interest = 5500 × 2 × 16

➩ Simple Interest = 1100 × 16

➩ Simple Interest = Rs. 17,600

∴ Sameer earned Interest = Rs. 17,600

Assimilate:

• Interest is said to be simple, if it is calculated on the original principal throughout the loan period.

• When we say simply, interest, we always mean simple interest.

• On the same sum and at the same rate of interest per annum, the interest of every year is same.

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Answer 2

Answer:

all are giving different answers and doing half sum but wright answer is 19,008

Step-by-step explanation:

A = P ( 1+r/100 )^t

= 55000 ( 16/100 )^2

= 55000 ( 1+0.16 )^2

= 55000 ( 1.16 )^2

= 55000 ( 1.16 ) x ( 1.16 )

= 55000 x ( 1.3456 )

= 74,008

= A - P

= 74,008 - 55000

A = 19,008

Sameer earn interest = 19,008