Q. 84.1( 17 Votes )
Anand obtained a loan of Rs. 125000 from the Allahabad Bank for buying computers. The bank charges compound interest at 8% per annum, compounded annually. What amount pwill he have to pay after 3 years to clear the debt?
Answer :
Present value = Rs.125000
Interest rate = 8% per annum
Time = 3 years
Amount (A) = P (1 + R/100)n [Where, P = Present value
R = Annual interest rate
n = Time in years]
∴ A = 125000 (1 + 8/100)3
⇒ A = 125000 (108/100)3
⇒ A = 125000 × 108/100 × 108/100 × 108/100
⇒ A = 125000 × 1259712/1000000
⇒ A = 125 × 1259712/1000
⇒ A = 1259712/8
⇒ A = 157464
∴ Amount = Rs.157464
∴ Anand has to pay Rs.157464 after 3 years to clear the debt.
Rate this question :
Compound Interest39 mins
Concept of Compound Interest50 mins
Application of Compound Interest38 mins
Quiz | Simple & Compound Interest35 mins
RD Sharma | Compound Interest38 mins
Quiz | Calculating Compound Interest Really Compound?46 mins
Taxes, Discount and Compound Interest34 mins
Goprep Genius Quiz | Taxes, Discount and Compound Interest25 mins
Become Proficient in Simple Interest36 mins
One Step Ahead of Simple Interest44 mins
Find the amount and the compound interest on Rs. 6000 for 1 year at 10% per annum compounded half-yearly.
RS Aggarwal - MathematicsA scooter is bought for Rs. 32000. Its value depreciates at 10% per annum. What will be its value after 2 years?
RS Aggarwal - MathematicsThe sum that amounts to Rs.4913 in 3 years at (25/4)% per annum compounded annually, is
RS Aggarwal - MathematicsThe difference between the compound interest and simple interest on a certain sum for 2 years at 7.5% per annum is Rs. 360. Find the sum.
RD Sharma - MathematicsThe annual rate of growth in population of a town is 5%. If its present population is 4000, what will be its population after 2 years?
RS Aggarwal - MathematicsFind the amount and the compound interest on Rs. 3000 for 2 years at 10% per annum.
RS Aggarwal - MathematicsFind the amount of Rs. 10000 after 2 years compounded annually; the rate of interest being 10% per anum during the first year and 12% per annum during the second year. Also, find the compound interest.
RS Aggarwal - Mathematics
The compound interest on Rs. 40000 at 6% per annum for 6 months, compounded quarterly, is
RS Aggarwal - Mathematics