sarmistha borrowed rupees 100000 from a financer at 10% p.a. for 2 years find compound interest and simple interest
Answers
Answer:
imple Interest
Interest is the extra money paid by institutions like banks or post offices on money deposited (kept) with them. Interest is also paid by people when they borrow money.
With Simple interest, the interest is calculated on the same amount of money in each time period, and, therefore, the interest earned in each time period is the same. i.e., If the interest on a sum borrowed for certain period is reckoned uniformly, then it is called simple interest.
Let the principal = P, Rate = R% per annum (p.a) and Time = T years. Then ,
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Example - 1
A sum of Rs 10,000 is borrowed at a rate of interest 15% per annum for 2 years. Find the simple interest on this sum and the amount to be paid at the end of 2 years.
Answer:
Simple Interest - Solved Examples - Q 1 - Adam borrowed some money at the rate of ... in 2 years and to Rs. 1164 in 31⁄2 years. find the sum and the rate of interest? ... Q 10 - A man took a loan from a bank at the rate of 12% p.a. simple interest. ... Q 19 - An automobile financier claims to be lending money at simple interest, ...
Step-by-step explanation: