Compound Interest Practice Test 4

Question : 32 of 40

Marks: +1, -0

A person takes Rs 10,000 loan at the rate of 10% interest compounding yearly for the period of 4 years. How much interest he has to pay?

Solution:

P = Rs 10,000; R = 10%; T = 4 years

A=10000(1+10/100)^4

=10000(11/10)^4

A = Rs 14,641
Now Compound Interest = 14,641 - 10,000 = Rs 4,641

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