Anamika paid ₹4,965 as compound interest on a loan ₹15,000 after 3 years when compounded annually. Suman took a loan of ₹10,000 at the same rate on simple interest. How much interest did suman pay after 3 years? |
₹4,500 ₹4,000 ₹3,000 ₹3,500 |
₹3,000 |
The Formula that we used here is - Amount = P$(1 \;+\; \frac{R}{100})^t$ Compound Interest = Amount - Principal 15000 + 4965 = 15000 [ 1 + \(\frac{R}{100}\)]³ 19965 = 15000 [ 1 + \(\frac{R}{100}\)]³ \(\frac{1331}{1000}\) = [ 1 + \(\frac{R}{100}\)]³ (\(\frac{11}{10}\))³ = [ 1 + \(\frac{R}{100}\)]³ \(\frac{11}{10}\) = 1 + \(\frac{R}{100}\) \(\frac{R}{100}\) = \(\frac{1}{10}\) R = 10% ( Interest for suman ) ATQ, Simple interest = \(\frac{P × R × T}{100}\) = \(\frac{10000 × 10 × 3}{100}\) = 3000 So, Interest paid by suman = Rs. 3000 |