Sainik School Entrance Exam 2018 Solved Paper

Question : 21 of 150

Marks: +1, -0

I borrowed ₹ 12000 from Jamshed at

6 \%

per annum simple interest for 2 years. Had I borrowed this sum at

6 \%

per annum compound interest, what extra amount would I have to pay ?

Solution:

(d) S.I.

={12000 ×6 ×2}/{100}=₹ 1440

\A=P(1+{r}/{100})^t

=12000(1+{6}/{100})^2

=12000 ×{53}/{50} ×{53}/{50}

={67416}/{5}=13483.20

∴ C.I.

=13483.20-12000=1483.20

∴ C.I. - S.I.

=1483.20-1440=43.20

Hence, required extra amount paid

=₹ 43.20

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