Question

Suppose you want to raise a loan of Rs. 2,00,000

on compound interest being compounded annually for

getting admission to a course after 12th.

Study offers by any 5 banks and choose the best one by

actually calculating interest for two years

Legends answer this ​

Answer 1

Answer:

The compound interest calculator works on the mathematical formula:

A = P (1+r/n)^nt

P = Principal Amount

n = Compounding frequency

r = Rate of interest

t = Number of time periods elapsed

A = Final amount

For example, you have deposited Rs 10,000 in an FD at an interest rate of 6% for five years. You have the frequency of compounding as a quarterly (n=4).

A = 10,000 (1+0.06/4)^4*5

A = Rs 13,468.

Interest = A – P = 13,468 – 10,000 = Rs 3,468.

Step-by-step explanation:

Suppose you want to raise a loan of Rs. 2,00,000 on compound interest being compounded annually for getting admission to a course after 12th. Study offers by any 5 banks and choose the best one by actually calculating interest for two years if x is rounded off to 5dp, is 5.45497, then in what interval will x lie answer in steps fast don't spam plssss

Answer 2

Solution :-

Let ,

→ State bank of India is giving loan at = 5% per annum compounded annually .

→ Punjab national bank is giving loan at = 10% per annum compounded annually .

→ Axis bank is giving loan at = 4% per annum compounded annually .

→ HDFC is giving loan at = 8% per annum compounded annually .

→ Canara bank is giving loan at = 6% per annum compounded annually .

we know that, when rate is compounded annually ,

• A = P[1 + (R/100)]ᵀ
• CI = A - P

Where,

• A = Amount .
• P = Principal .
• R = Rate of interest per annum .
• T = Time .
• CI = Compound interest .

1) State Bank of india :-

→ A = 200000[1 + (5/100)]²

→ A = 200000[1 + (1/20)]²

→ A = 200000 * (21/20)²

→ A = 200000 * (441/400)

→ A = Rs.220500

then,

→ CI = A - P = 220500 - 200000 = Rs.20500 .

2) Punjab national bank :-

→ A = 200000[1 + (10/100)]²

→ A = 200000[1 + (1/10)]²

→ A = 200000 * (11/10)²

→ A = 200000 * (121/100)

→ A = Rs.242000

then,

→ CI = A - P = 242000 - 200000 = Rs.42000 .

3) Axis bank :-

→ A = 200000[1 + (4/100)]²

→ A = 200000[1 + (1/25)]²

→ A = 200000 * (26/25)²

→ A = 200000 * (676/625)

→ A = Rs.216320

then,

→ CI = A - P = 216320 - 200000 = Rs.16320.

4) HDFC :-

→ A = 200000[1 + (8100)]²

→ A = 200000[1 + (2/25)]²

→ A = 200000 * (27/25)²

→ A = 200000 * (729/625)

→ A = Rs.233280

then,

→ CI = A - P = 233280 - 200000 = Rs.33280 .

5) Canara Bank :-

→ A = 200000[1 + (6/100)]²

→ A = 200000[1 + (3/50)]²

→ A = 200000 * (53/50)²

→ A = 200000 * (2809/2500)

→ A = Rs.224720

then,

→ CI = A - P = 224720 - 200000 = Rs.24720 .

as we can see that, Interest paid to Axis Bank is minimum . Therefore, We should take loan from Axis Bank .

Or, we can conclude that, we should choose bank which is giving loan at lowest interest rate . (since at lowest interest rate ,interest to paid will me minimum . )

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