Question

Simran takes a loan of 40,000 from a bank at 7% per annum for 2 years. Find the compound
interest paid by her, without using the formula.

Ans = 45,796 profit

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Answer 1

Answer:

the answer is 5796 it is the correct answer

Answer 2

Here's one way to approach the problem using the table method:

Create a table with four columns: "Period", "Principal", "Interest", and "New Balance".

In the first row of the table, write "1" in the "Period" column, "40,000" in the "Principal" column, and "2,800" (40,000 x 7%) in the "Interest" column.

Add the "Principal" and "Interest" amounts in the first row to find the "New Balance" for the first year. In this case, 42,800 (40,000 + 2,800)

In the second row, write "2" in the "Period" column, "42,800" in the "Principal" column, and "2,996" (42,800 x 7%) in the "Interest" column.

Add the "Principal" and "Interest" amounts in the second row to find the "New Balance" for the second year. In this case, 45,796 (42,800 + 2,996)

Finally, add the "Interest" amounts in the first and second rows to find the total compound interest paid by Simran, which is 5,796

So the compound interest paid by her is 5,796.

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