What will be the compound interest on Rs 24000 after 2 1 3 years at 15% per annum?

Question

Arun borrowed Rs 24,000 from Rahul at the rate of 15% per annum simple interest for 4 years. Find the simple interest and the total amount that has to be paid at the end of 4 years.

Hint:

Use the formula for simple interest and then find the total amount.

The correct answer is: 38400 Rupees

Complete step by step solution:
We calculate simple interest by the formula,…(i)
where P is Principal amount, T is number of years and R is rate of interest
Money borrowed by Arun from Rahul = P = 24000 Rs
Here, we have T = 4,R = 15% and P = 24000
On substituting the known values in (i), we get 

We have SI = 14400 Rupees.
We know the formula for total amount = A = P + SI…(ii)
where A is the total amount, P is the principal amount and SI is simple interest.
On substituting the known values in (ii), we get A = 24000 + 14400 = 38400
Hence total amount to be paid after 4 years = A = 38400 Rupees.

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Solution

Principal (P)=Rs. 24000
Time (t)=2 years
Rate (r)=10%
Amount= Principal - (1+r100)n
=Rs. 24000×(1+10100)2
=Rs. 24000×(101100)2
=Rs. 24000×101100×101100
=Rs. 24482.4
C.I.= Amount-Principal
=Rs. 24482.4−Rs. 24000=Rs.482.4

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