A loan is made for $4800 with an APR of 12% and payments made monthly for 24 months. What is the payment amount? What is the finance charge?
A certain sum is invested for 2 years in scheme M at 20% p.a. compound interest (compounded annually), Same sum is also invested for the same period in scheme N at k% p.a. simple interest. The interest earned from scheme M is twice of that earned from scheme N. What is the value of k?
Interest earned in scheme M =
P1 + 201002 - 1 = 11P25
Interest earned in scheme N =
P x k x 2100 = Pk50
Now, from the given data,
11P25 = 2 x Pk50
k = 11
A sum is equally invested in two different schemes on CI at the rate of 15% and 20% for two years. If interest gained from the sum invested at 20% is Rs. 528.75 more than the sum invested at 15%, find the total sum?
Let Rs. K invested in each scheme
Two years C.I on 20% = 20 + 20 + 20x20/100 = 44%
Two years C.I on 15% = 15 + 15 + 15x15/100 = 32.25%
(P x 44/100) - (P x 32.25/100) = 528.75
=> 11.75 P = 52875
=> P = Rs. 4500
Hence, total invested money = P + P = 4500 + 4500 = Rs. 9000.
What is the interest rate per annum, if a sum of money invested at compound interest amount to Rs. 2400 in 3 years and in 4 years to Rs. 2,520?
Let 'R%' be the rate of interest
From the given data,
25202400 = 1 + R10041 + R1003⇒1 + R100 = 6360⇒R = 5
Hence, the rate of interest R = 5% per annum.
A sum of Rs. 8,000 is deposited for 3 years at 5% per annum compound interest (compounded annually). The difference of interest for 3 years and 2 years will be
Given principal amount = Rs. 8000
Time = 3yrs
Rate = 5%
C.I for 3 yrs = 8000 x 105100 x 105100 x 105100 - 8000= Rs. 1261
Now, C.I for 2 yrs = 8000 x 105100 x 105100= Rs. 820
Hence, the required difference in C.I is 1261 - 820 = Rs. 441
Simple interest on a certain sum at 7% per annum for 4 years is Rs. 2415. What will be the compound interest on the same principal at 4% per annum in two years?
We know that,
S.I. = PTR100⇒ P = S.I x 100T x RAnd also,C.I = P1 + R100n- 1
From given data, P = Rs. 8625
Now, C.I = 86251+41002-1= 862526252-1= 8625676625-1= 8625 x 51625C.I = Rs. 703.80
Find the compound interest on Rs. 6,500 for 4 years if the rate of interest is 10% p.a. for the first 2 years and 20% per annum for the next 2 years?
We know the formula for calculating
The compound interest C = P1 + r100n - 1 where P = amount, r = rate of interest, n = time
Here P = 5000, r1 = 10, r2 = 20
Then C = 65001 + 101002 x 1 + 201002 - 1= 6500 x 18562500= 65 x 185625
C = Rs. 4826.
What is the difference between the compound interests on Rs. 5000 for 11⁄2 years at 4% per annum compounded yearly and half-yearly?
Compound Interest for 1 1⁄2 years when interest is compounded yearly = Rs.(5304 - 5000)
Amount after 11⁄2 years when interest is compounded half-yearly Compound Interest for 1 1⁄2 years when interest is compounded half-yearly = Rs.(5306.04 - 5000)
Difference in the compound interests = (5306.04 - 5000) - (5304 - 5000)= 5306.04 - 5304 = Rs. 2.04
The difference between simple interest and compound interest of a certain sum of money at 20% per annum for 2 years is Rs. 56. Then the sum is :
We know thatThe Difference between Compound Interest and Simple Interest for n years at R rate of interest is given by C.In - S.In = PR100n
Here n = 2 years, R = 20%, C.I - S.I = 56
56 = P201002=> P = 56 x 52=> P = 56 x 25=> P = Rs. 1400
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