Sonu borrowed a sum of 2000 from a bank for 3 years if the rate of interest at 10% per annum compounded annually find the amount that he has to repay after 3 years
Answers
Answered by
22
Year 1: Principal amt: Rs 2000
Interest: 10%
Amount: 2200
Year 2: 2200+ 10% of 2200
Amount= 2420
Year 3
Total amount to be repayed is Rs 2662
Interest: 10%
Amount: 2200
Year 2: 2200+ 10% of 2200
Amount= 2420
Year 3
Total amount to be repayed is Rs 2662
Similar questions