What is amount due when a sum of Rs 7500 is lent at 16% p.a simple interest for 2 years?
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Answer:
As we know that,
A=P(1+
100
R
)
n
Here,
A= Amount
P= Principle =Rs.7500
R= Rate of interest =8%
n=1 year =2 half years
Therefore,
A=7500(1+
100
8
)
2
⇒A=7500(1+
25
2
)
2
⇒A=7500×
25×25
27×27
=12×729=Rs.8748
Therefore,
Compound interest =A−P=8748−7500=Rs.1248
Step-by-step explanation:
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