Question

Suhail lent₹12000 to his friend for 3 years at the rate of 10 % per annum compound interest .What amount does Suhail get after 3 years?

Answer 1

Answer:

Principal amount (P) = Rs 12500

Time period (T) = 3 years

Rate of interest (R) = 15% p.a.

Interest =

100

P×R×T

=

100

12500×15×3

= Rs 5625

Rest of the amount lent = Rs 15000−Rs 12500=Rs 2500

Rate of interest = 18% p.a.

Time period = 3 years

Interest =

100

P×R×T

=

100

2500×18×3

= Rs 1350

Total interest earned = Rs 5625+Rs 1350=Rs 6975