Question

Sanjay borrowed 24000 from the Punjab National Bank to buy a T.V. If the rate of interest be 10% annum, compounded annually, what payment will he have to make after 2 years?​

Answer 1

Answer:

amount = 24000 ( 1+r/100 ) ^time

= 24000 (11/10)^2

= 240 × 11 × 11 = 29040

C.I = Amount - Principal

= 29040 - 24000 = 5040

So the C.I for 2 years is 5040