Saved Bookmarks
| 1. |
a man borrow$20,000from a bank at the interest rate 6%per annum compound annually calculate the amount that he needs to pay back the bank after 3years also find the interest charged by the bank on the man |
|
Answer» Given : a man borrow$20,000from a bank at the interest rate 6%PER annum compound annually To Find : calculate the amount that he needs to pay back the bank after 3 years . The interest CHARGED by the bank on the man Solution: P = $ 20000 R = 6 % PA N = 3 Years A = amount after n years A = P ( 1 + R/100)ⁿ => A = 20000 ( 1 + 6/100)³ => A = 20000( 1.06)³ => A = 23,820.32 $ Interest = A - P = 23,820.32 - 20000 = 3,820.32 $ the interest charged by the bank on the man = 3,820.32 $ Amount to pay back the bank after 3 years = 23,820.32 $ Learn More: a man borrows rupees 6000 at 5% CI per annum if he PAYS rupees ... Satish invested rs. 14,000 partially in scheme A which offer 20%p.a. ... Rs12000 is invested for 1½ years at compound Interest (CI) if ... |
|