Swati took a loan of Rs. 16000 against her insurance policy at the rate of 12½% per
annum. Calculate the total compound interest payable by Swati after 3 years.
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Given:
Principal = Rs 16000
Rate = 12 ½ % = 12.5%
Time = 3years
The formula:
A = P (1 + R/100) n
Solution:
A = P (1 + R/100) n
= 16000 (1 + 12.5/100)3
= 16000 (112.5/100)3
= Rs 22781.25
∴ Compound Interest = A – P = Rs 22781.25 – Rs 16000 = Rs 6781.25 Ans
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