Find the compound interest on Rs. 8000 for 9 months at 20% per annum c – InterviewSolution

InterviewSolution

1.

Find the compound interest on Rs. 8000 for 9 months at 20% per annum compounded quarterly.

Answer»

Given details are,

Principal (p) = Rs 8000

Rate (r) = 20 % = 20/4 = 5% (for quarterly)

Time = 9 months = 9/3 = 3 (for quarter year)

By using the formula,

A = P (1 + R/100)ⁿ

= 8000 (1 + 5/100)³

= 8000 (105/100)³

= Rs 9261

∴ Compound Interest = A – P = Rs 9261 – Rs 8000 = Rs 1261

Discussion

No Comment Found

Related InterviewSolutions

A car is purchased for Rs. 348000. Its value depreciates at 10% per annum during the first year and at 20% per annum during the second year. What will be its value after 2 years?
Arun took a loan of Rs. 390625 from Kuber Finance. If the company charges interest at 16% per annum, compounded quarterly, what amount will discharge his debt after one year?
A scooter is bought at Rs. 56000. Its value depreciates at the rate of 10% per annum. What will be its value after 3 years?
A machine is purchased for Rs. 625000. Its value depreciates at the rate of 8% per annum. What will be its value after 2 years?
Rs. 62500 for 2 years 6 months at 12% per annum compounded annually.
Rs. 16000 was borrowed by a man from a bank where compound interest is computed quarterly. Annual interest rate is 10%. How much he has to pay after 9 months to clear his liabilities?
Rekha deposited Rs. 16000 in a foreign bank which pays interest at the rate of 20% per annum compounded quarterly, find the interest received by Rekha after one year.
A sum of money was lent for 2 years at 20% compounded annually. If the interest is payable half-yearly instead of yearly, then the interest is Rs. 482 more. Find the sum.
Meera borrowed a sum of Rs. 1000 from Sita for two years. If the rate of interest is 10% compounded annually, find the amount that Meera has to pay back.
Rahman lent Rs. 16000 to Rasheed at the rate of 12 1/2%per annum compound interest. Find the amount payable by Rasheed to Rahman after 3 years.