Q. 154.1( 7 Votes )

# Daljit received a sum of Rs. 40000 as a loan from a finance company. If the rate of interest is 7% per annum compounded annually, calculate the compound interest that Daljit pays after 2 years.

Answer :

Given,

Principal = Rs.40000

Rate of interest = 7 %

Time = 2 years

Hence,

Compound interest =

=

So,

Compound interest paid by Daljit = Rs.5796

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PREVIOUSSurabhi borrowed a sum of Rs. 12000 from a finance company to purchase a refrigerator. If the rate of interest is 5% per annum compounded annually, calculate the compound interest that Surabhi has to pay to the company after 3 years.NEXTCompute the amount and the compound interest in each of the following by using the formulae when :(i) Principal = Rs. 3000, Rate = 5%, Time = 2 years(ii) Principal = Rs. 3000, Rate = 18%, Time = 2 years(iii) Principal = Rs. 5000, Rate = 10 paise per annum, Time = 2 years(iv) Principal = Rs. 2000, Rate = 4 paise per annum, Time = 3 years(v) Principal = Rs. 12800, Rate = 7%, Time = 3 years(vi) Principal = Rs. 10000, Rate = 20% per annum compounded half-yearly, Time = 2 years(vii) Principal = Rs. 160000, Rate = 10 paise per rupee per annum compounded half yearly, Time = 2 years.

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