To renovate his shop, Arif obtained a loan of ₹8000 from a bank. If the rate of interest is 5% per annum compounded annually, calculate the compound interest that Arif will have to pay after 3 years.
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Answered by
15
principal(p)= 8000
rate(r) = 5% time(t) = 3 years
so amount A= p×(1+r/100)^t
A = 8000× (1+5/100)^3
A = 8000×(21/20)^3
A= 21×21×21 = 9261
so amount (A) = 9261
CI = 9261 - 8000= 1261
so compoundinterest = 1261
rate(r) = 5% time(t) = 3 years
so amount A= p×(1+r/100)^t
A = 8000× (1+5/100)^3
A = 8000×(21/20)^3
A= 21×21×21 = 9261
so amount (A) = 9261
CI = 9261 - 8000= 1261
so compoundinterest = 1261
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5
Answer:
The compound interest that Anurag will have to pay is Rs 1261.
Step-by-step explanation:
Referred to the attachment.
Attachments:
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