Ajay borrowed Rs 4000 at 10% per annum for 4 years under simple intere – InterviewSolution

InterviewSolution

1.	Ajay borrowed Rs 4000 at 10% per annum for 4 years under simple interest. But, after 2 years he was asked to pay compound interest for the remaining 2 years on the initially borrowed amount. How much Ajay have to pay additionally if interest was compounded annually? (in Rs)
Answer» 40 20 80 160 Solution :i) FIND SI on Rs 4000 at 10% per annum for 4 years. ii) Find the SUM of SI on Rs 4000 at 10% per annum for 2 years and CI on 4000 at 10% per annum for 2 years. iii) Find the difference of the above two.

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