Question

Shankar takes a loan of ₹ 10,000 at a compound interest rate of 10% per annum (I) Find the compound interest after one year. (II) find the compound interest for 2 years (III) Find the sum of money required to clean the debt at the end of 2 years. (iv) Find the difference between two the compound interest and the simple interest at the same rate for 2 years

Answer 1

1.

P=10000

R=10%

T=1yr

A=P(1+r/100)n

A=10000*(110/100)1

=10000*110/100

=11000