A person takes a loan of 3500 at the rate of 2%per month. find the amount​

A person takes a loan of 3500 at the rate of 2%per month. find the amount​

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Hadley

2 thoughts on “A person takes a loan of 3500 at the rate of 2%per month. find the amount​”

  1. Step-by-step explanation:

    Given Principle: Rs3500, Rate= 20%.p.a and Time : 2 years

    To find : Compound interest

    P: Rs3500, R= 20%p.a , T= 2years

    Amount = P (1+20/100)2

    A = 3500(1+20/100)2

    = 3500 (1+1/5)2

    =3500(6/5)2

    = 3500×6/5×6/5

    = 5040

    Now.C.I = A-P

    = 5040-3500

    = rs1540

    Hence the compound interest is rs 1540

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