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Question

In order to buy a colour TV, Altaf borrowed Rs 12,000 from a bank at a compound rate of interest of 10 p.c.p.a for 2 years. What is the amount that Altaf must pay back to the bank at the end of 2 years?

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Solution

Principal = Rs 12,000
Rate of interest = 10% p.a.
Number of years (N) = 2 years
Amount =P1+R100N
=120001+101002=120001+1102=1200011102=12000×1110×1110= Rs 14520

∴ The amount to be paid back by Altaf is Rs 14520.

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