Question
Ujwal took a loan at 18% per annum simple interest for 2
years and repaid a total of Rs. 40,800. If he had instead taken the same loan at r % per annum compound interest, compounded annually for 2 years, he would have paid Rs. 2,400 more in interest. Find the value of r.Solution
Let principal = Rs. P
Given, P + (P * 18 * 2)/100 = 40800
=> P = 30000
S.I = 40800 - 30000 = Rs. 10800
C.I = 10800 + 2400 = Rs. 13200
Total amount at C.I = 30000 + 13200 = Rs. 43200
30000(1+r/100) 2 = 43200
=>(1+r/100) 2 = 144/100
=> 1 + r/100 = 12/10
=>r = 20
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