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Swati took a loan of Rs. 16000 against her insurance policy at the rate of $1212 %$ per annum. Calculate the total compound interest payable by Swati after 3 years.

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Rs.1681.25

Rs.6721.25

Rs.6781.25

Rs.8181.25

answer is B.

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Detailed Solution

Given,

Principal (P) = Rs 16000 Rate (R) = 1212 % 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 + 1251000 3 ⇒ A = 16000112510003

⇒

A =

Rs 22781.25
Compound interest (CI),

C I = A − P ⇒ C I = Rs 22781.25 − Rs 16000 ⇒ C I = Rs 6781 .25

Therefore, the Compound interest is Rs 6781.25.
Hence, the correct option is 2.

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