varun borrowed rs 60,000 from jayan at 6% per annum simple interest for 2 years. Had he borrowed this money on 6% per annum compound interest, what extra amount would he have to pay?
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Answered by
12
Step-by-step explanation:
Given P=Rs.12000N=2R=6%
S.I.=
100
PNR
SI =
100
12000×6×2
=1440
A=SI+P=1440+12000= Rs. 13440
Compound interest:
A=P(1+ 100r ) n
=12000(1+ 1006)
(2)
=12000(1.1236)
=Rs.13483.2
Amount =Rs.13483.20
CI=A−P=13483.20−12000
=Rs.1483.20
Extra interest =13483.20−13440=Rs.43.20
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24
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