I borrowed Rs 12,000 from Jamshed at 6% per annum simple interest for 2 years.

Question

I borrowed Rs 12,000 from Jamshed at 6% per annum simple interest for 2 years.

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?

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

Salim Ahmed Kawsar

The extra amount payable would be interest on the first year’s interest
1st year’s interest = 12000 x 6%=720
Interest on 720 = 720 x 6%=43.20
Extra amount payable = Rs. 43.20

4 views Answered 2023-02-05 15:29