Question
I borrowed Rs 12,000 from Jamshed at 6% per annum simple interest for 2 years. Had I borrowed this sum at 6% per annum compound interest, what extra amount would I have to pay?
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Text solutionVerified
Solution: Here, Principal, Rs
Rate of interest,
Time, years
So,
Simple Interest, Rs
Compound Interest,
Rs
So, extra amount paid Rupees
Rate of interest,
Time, years
So,
Simple Interest, Rs
Compound Interest,
Rs
So, extra amount paid Rupees
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Question Text | I borrowed Rs 12,000 from Jamshed at 6% per annum simple interest for 2 years. Had I borrowed this sum at 6% per annum compound interest, what extra amount would I have to pay? |
Answer Type | Text solution:1 |
Upvotes | 151 |