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Q.

Swati took a loan of Rs. 16000 against her insurance policy at the rate of 12 1 2 %   per annum. Calculate the total compound interest payable by Swati after 3 years.

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a

    Rs.8181.25

b

    Rs.6781.25

c

    Rs.1681.25

d

    Rs.6721.25 

answer is B.

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Detailed Solution

Given,
Principal (P)=Rs 16000 Rate (R)=12 1 2  % p.a. ⇒12.5 % p.a. Time (T)=3 years  
The amount can be calculated by using formula
A=P 1+ R 100 n ⇒A=16000 1+ 12.5 100 3 ⇒A=16000 1+ 125 1000 3 ⇒A=16000 1125 1000 3  
⇒ A=  Rs 22781.25
Compound interest (CI),
CI=A−P ⇒CI=Rs 22781.25−Rs 16000 ⇒CI=Rs 6781.25   Therefore, the Compound interest is Rs 6781.25.
Hence, the correct option is 2.
 
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Swati took a loan of Rs. 16000 against her insurance policy at the rate of 12 1 2 %   per annum. Calculate the total compound interest payable by Swati after 3 years.