What is the compound interest on Rs.15000, if Mike took loan from a bank for 212 years at 8 Per annum, compounded quarterly?

Given,Amount A=15000 Rate of interest r=8% per annum Time period n=212 Interest for one quarter,rquater =14(8)=2Interest is compounded 2124=10 times, n212 years =10 Using the compound interest formula, I=A1+r100n-A Now, put the values of A=15000,rquater =2 and n212 years =10 in the compound interest formula we have,=150001+210010-15000 We can write the expansion,1+r100n=1+nr100 when n<<100Since 2 is very less as compared to 100 so we can write I=150001+210100-15000 I =150001.2-15000 I =18000-15000 I=3000 So, compound interest occurs = Rs. 3000.Hence, option 2 is correct.

What is the compound interest on Rs.15000, if Mike took loan from a bank for 212 years at 8 Per annum, compounded quarterly?

Given,Amount A=15000 Rate of interest r=8% per annum Time period n=212 Interest for one quarter,rquater =14(8)=2Interest is compounded 2124=10 times, n212 years =10 Using the compound interest formula, I=A1+r100n-A Now, put the values of A=15000,rquater =2 and n212 years =10 in the compound interest formula we have,=150001+210010-15000 We can write the expansion,1+r100n=1+nr100 when n<<100Since 2 is very less as compared to 100 so we can write I=150001+210100-15000 I =150001.2-15000 I =18000-15000 I=3000 So, compound interest occurs = Rs. 3000.Hence, option 2 is correct.