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Question
Swati took a loan of Rs 16000 against her insurance policy at the rate of \[12\frac{1}{2} %\] per annum. Calculate the total compound interest payable by Swati after 3 years.
Solution
Given:
P = Rs 16, 000
R = 12 . 5 % p . a .
n = 3 years
We know that:
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[ = 16, 000 \left( 1 + \frac{12 . 5}{100} \right)^3 \]
\[ = 16, 000 \left( 1 . 125 \right)^3 \]
= Rs 22, 781 . 25
Now,
CI = A - P
= Rs 22, 781 . 25 - Rs 16, 000
= Rs 6, 781 . 25
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