If a person borrow Rs 10,000 for 3 years at an interest rate of 10% compounded annually. Then what will be Compound Interest and the amount to be paid by him?
Given: A person borrow Rs 10,000 for 3 years at an interest rate of 10% compounded annually.
To do: What will be the CI and amount to be paid by him.
Solution:
For annual compounding, we have to use the formula Amount =$P(1+\frac{R}{100})^n$
Amount = $1000(1+\frac{10}{100})^3$
= Rs. 1331
Related Articles
- Calculate the amount and compound interest on Rs. 10,800 for 3 years at \( 12 \frac{1}{2} \% \) per annum compounded annually.
- How much compound interest is earned by investing $Rs.\ 20000$ for $6$ years at $5$ % per annum compounded annually?
- Find the principal that should be deposited in a bank so that the amount for 2 years is Rs.22050 at a rate of interest 5% compounded annually?
- Calculate the compound interest on Rs. 80,000 for 3 years if the rate of interest for the 3 successive years are 4%, 5% and 10% respectively.
- Let P is the principal and interest compounded half yearly at the rate of \( 20 \% \) per annum then amount after two years will be
- A money lender lent out Rs. 10000 for 2 years at 16% per annum, the interest being compounded annually. How much more he could earn if the interest be compounded half-yearly?
- Find the compound interest on Rs. 6,000 for 1 year at the rate of 4% per annum if the interest is a) Compounded half-yearly b) compounded quarterly
- Find the principal that should be deposited in bank so that the amount after 2 years is ₹22050 at the rate of interest 5% compounded annually.
- Find the compound interest at the rate of 5 % per annum for 3 years on that principal which in 3 years at the rate of 5 % per annum gives Rs 1200 as simple interest.
- A certain sum of money amounts to rupees 7260 in 2 years and to rupees 7986 in 3 years, interest is compounded annually. Find the rate of interest in percent per annum.
- Anita borrowed Rs. $400$ from her friend at the rate of $12$ % per annum for $2\frac{1}{2}$ years. Find the interest and amount paid by her.
- Find the amount and compound interest on RS 2500 in 2 years if the rates are 5% and 6% for successive years
- A sum of money invested at 8% per annum for simple interest amounts to Rs.12,122 in 2 years. What will it amount to in 2 year 8 months at 9% rate of interest?
- Find the interest on a sum of Rs. 8250 for 3 years at a rate of 8% per annum.
- Sudhir lent Rs. 2,000 at compound interest at 10% payable yearly, while Prashant lent Rs. 2,000 at compound interest at 10% payable half-yearly. Find the difference in the interest received by Sudhir and Prashant at the end of one year.
Kickstart Your Career
Get certified by completing the course
Get Started
Data Structure
Networking
RDBMS
Operating System
Java
MS Excel
iOS
HTML
CSS
Android
Python
C Programming
C++
C#
MongoDB
MySQL
Javascript
PHP
Physics
Chemistry
Biology
Mathematics
English
Economics
Psychology
Social Studies
Fashion Studies
Legal Studies