Question

Vivek borrowed rs 3000 from a bank for 2 years to renovate his dairy. If the rate of interest is 5% per year compounded annually , calculate the amount that Vivek has to pay.

Answer 1

Answer:

6,600rs

Step-by-step explanation:

3000 rs borrowed from bank fr 2 years at 5%intrest so 10% on 3000 will be 300 so if we calculate 5% so it will be 150 rs multiply by 2 years so 150×24 months=3600 rs so total vivek has to pay 3000 rs from bank and 3,600 intrest money that willbbe 3000+3600= 6600 rs