anil borrowed a sum of 8000 from a nationalised bank to purchase a mobile phone. if the rate of interest is 5% per annum calculate the compound interest that anil has to pay to the bank after 2 years

anil borrowed a sum of 8000 from a nationalised bank to purchase a mob

1.	anil borrowed a sum of 8000 from a nationalised bank to purchase a mobile phone. if the rate of interest is 5% per annum calculate the compound interest that anil has to pay to the bank after 2 years
Answer» GIVENPrincipal = 8000Rate of INTEREST p.a. = 5%Time = 2 yearsSolution Si = PRT/100 = 8000×5×2/100 40000×2/100 80000/100 =800To calculate the compound interest :Compound interest of 1st year=PRT/1008000×5×1/10040000/100=4002nd yearPrincipal = 8000 +400=840008400×5×1/10084×5=420AMOUNT = 8400+420 = 8820COMPOUND INTEREST = Amount - Simple interest8820 - 800= 20The compound interest = 20 PLEASE Mark me as Brainliest