Question

A man borrowed Rs 2000 and pays back after 3 years at 10%simple interest. Find the Amount paid by the man.

Answer 1

Step-by-step explanation: The formula to find compound interest is,

A=P(1+R/N)^N*T

P=Principal Amount( Initial Value)

R=Rate

N=Number of Time

T= The time period

So plug it in

P=2000

R=0.10

N=1

T=3

The equation is A=2000(1+0.1)^3*1

Plug it in the calculator just like that and your answer is $2662