Question

Urav took a loan of ` 8,000 from a bank at 15% rate of interest per annum compounded annually for 3 years. What will be the interest levied on the sum in three years?

Answer 1

Answer:

A= 8,000*15*3 / 100 = 3,60,000/100

3,600 is the interest leaved on the sum in 3 years.

And the Amount he have to pay is ` 8,000+3,600

= ` 11,600

HOPE ITS HELPFUL

Answer 2

Answer:

$ 12,167.00.

Step-by-step explanation:

Compound Interest = $A=P(1+\frac{r}{n} )^{nt}$

First, convert R percent to a decimal

r = R/100

r = 15%/100

r = 0.15 per year,

Then, solve our equation for A

A = P(1 + r/n)nt

A = 8,000.00(1 + 0.15/1)(1)(3)

A = $ 12,167.00

Summary:

The total amount accrued, principal plus interest,

from compound interest on an original principal of

$ 8,000.00 at a rate of 15% per year

compounded 1 times per year

over 3 years is $ 12,167.00.