shankar takes a loan of rupees 10000 at a compound interest rate of 10% per annum.1) find the compound interest after one year.2) find the compound interest for 2 years3) find the sum of money requried to clean the debt at the end of 2 years.
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1. Compound interest after one year = 10000 * 10/100
= 1000
2. Compound interest for 2 years = 11000 * 10/100
= 1100
3. Sum of money required to clean the debt = 11000 + 1100
= 12100 rs
Hope this helps!
= 1000
2. Compound interest for 2 years = 11000 * 10/100
= 1100
3. Sum of money required to clean the debt = 11000 + 1100
= 12100 rs
Hope this helps!
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