At what rate percent per annum C.I will Rs 2,000 amount to Rs 2,315.25 (2024)

FAQs

At what rate percent per annum C.I will Rs 2,000 amount to Rs 2,315.25? ›

Therefore, rate of interest = 5% p.a.

The rate percent per annum is 5%.

To calculate the interest rate per annum, you need to divide the amount of interest paid by the principal amount borrowed or invested, and then multiply by the number of periods in a year.

r = [(A/P)^(1/t)] - 1, where 'r' is the annual interest rate, 'A' is the amount after 't' years, 'P' is the principal amount, and 't' is the time in years. Therefore, the annual interest rate that will grow an initial amount of ₹2,000 to ₹2,205 in 2 years, when calculated annually, is approximately 5%.

Therefore, the simple interest for the situation given in the question is Rs. 200.

Hence the compound interest that needs to be paid after two year will be equal to Rs 205.

∴ Rate =5% half yearly or 10% p.a.

The equation for calculating interest rates is as follows: Interest = P x R x N. Where P equals the principal amount (the beginning balance), and R stands for the interest rate (usually per year, expressed as a decimal). Finally, N corresponds to the number of time periods (generally one-year time periods).

APR = (((Interest charges + fees) ÷ Loan amount) ÷ Number of days in loan term x 365) x 100. This formula is a lot to digest and can help you understand how APR is calculated. Fortunately, the Truth in Lending Act requires lenders to disclose APR when they offer you credit.

Given, Principal = 2000, A = 2332.80, Time n = 2 years. ⇒ r = 8. Therefore, R = 8%.

At what rate of interest will compound interest for RS 2000 be RS 205 in 2 years? ›

The compound interest of certain sum of money for 2 years at 5% per annum is Rs. 205.

∴ Rate =5% p.a.

20000 for 3 year at 5% per annum, when the interest is compounded annually Pls help. Answer: The compounded interest = 3152.5 Rs.

315.25. Using the compound interest formula, we calculated the final amount after 3 years to be Rs. 2315.25 and the compound interest to be Rs. 315.25.

∴ Rate (R) =100×IP×T=100×2401200×4=5% per annum.

Find the compound interest at the rate of 5% per annum for 3 years on that principal which in 3 years at the rate of 5% per annum gives Rs 1200 as simple interest. ∴ The required compound interest is Rs. 1,261.