Question

Sanjay borrowed $Rs.25000$ from Punjab National Bank for $1$ year $6$ months to buy a second-hand computer. If the rate of interest is $12\%$ per annum, calculate the compound interest he has to pay at the end of $1$ year $6$ months.

Answer 1

Given that:

Total amount $p=Rs.25000$, Rate $r=12\%$, Time $t=1yearand6months\Rightarrow \frac{3}{2}years$

$C.I.=p{(1+\frac{r}{100})}^{\frac{3}{2}}$

$C.I.=25000{(1+\frac{12}{100})}^{\frac{3}{2}}$

$C.I.=25000\times {\left(1.12\right)}^{\frac{3}{2}}$

$C.I.=Rs.29632.42$

Hence, the compound interest is $Rs.29632.42.$