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Compound Interest Question

20/09/2018 1 0

Q. Mohan obtained a loan of Rs 2000 against some security. If rate of interest is 5â??per annum compound annually, find interest and amount paid by him at the end of two years.

Ans: principal amount= 2000

Short cut

First find square of(1+ 5/100)= 1.1025

Amount is paid 1.1025×2000= 2205rs

Interest is 2205-2000=205rs

If it is ask only interest we don't need to calculate amount we find it by

Interest is paid (1.1025-1)×2000=205rs

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