Question

Uche took a loan of 7,250 against his insurance policy at the rate of 10% per annum compound interest . calculate the total compound interest payable by uche after 2 years

Answer 1

he took a loan of 7,250 against his insurance policy at the rate of 10% per annum compound interest . calculate the total compound interest payable by uche after 2 years

Answer 2

Answer:

₹ 1522.5

Step-by-step explanation:

P= ₹7250, r=10%, and n=2 year

we know that,

C.I = P(1+r/100)ⁿ - P

= 7250(1+10/100)² - 7250

= 7250(1+1/10)² - 7250

= 7250(11/10)² - 7250

= 7250x11/10x11/10 - 7250

= 8772.5 - 7250

= ₹ 1522.5