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Mr.X borrowed Rs 5120 at 12 1/2% p.a C I . At the end of 3 years the money was repaid qlong with rhe interest accrued . The amount if interest paid by him is
? Related: Time Value of Money (Part - 1)
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Mr.X borrowed Rs 5120 at 12 1/2% p.a C I . At the end of 3 years the m...
Calculation of Interest Paid by Mr. X
Given:
Principal amount (P) = Rs 5120
Rate of interest (R) = 12 1/2% p.a.
Time period (T) = 3 years
Calculation:
Using the formula for compound interest, we can calculate the interest accrued on the principal amount over the 3-year period.
Compound Interest (CI) = P(1 + R/100)^T - P
Substituting the given values, we get:
CI = 5120(1 + 12.5/100)^3 - 5120
CI = Rs 2097.50
Therefore, the total amount repaid by Mr. X at the end of 3 years would be:
Total Amount = Principal + Compound Interest
Total Amount = 5120 + 2097.50
Total Amount = Rs 7217.50
Hence, the amount of interest paid by Mr. X would be:
Interest Paid = Total Amount - Principal
Interest Paid = 7217.50 - 5120
Interest Paid = Rs 2097.50
Conclusion:
Therefore, Mr. X paid an interest of Rs 2097.50 on the borrowed amount of Rs 5120 at 12 1/2% p.a. compounded annually over a period of 3 years.
Given:
Principal amount (P) = Rs 5120
Rate of interest (R) = 12 1/2% p.a.
Time period (T) = 3 years
Calculation:
Using the formula for compound interest, we can calculate the interest accrued on the principal amount over the 3-year period.
Compound Interest (CI) = P(1 + R/100)^T - P
Substituting the given values, we get:
CI = 5120(1 + 12.5/100)^3 - 5120
CI = Rs 2097.50
Therefore, the total amount repaid by Mr. X at the end of 3 years would be:
Total Amount = Principal + Compound Interest
Total Amount = 5120 + 2097.50
Total Amount = Rs 7217.50
Hence, the amount of interest paid by Mr. X would be:
Interest Paid = Total Amount - Principal
Interest Paid = 7217.50 - 5120
Interest Paid = Rs 2097.50
Conclusion:
Therefore, Mr. X paid an interest of Rs 2097.50 on the borrowed amount of Rs 5120 at 12 1/2% p.a. compounded annually over a period of 3 years.
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Mr.X borrowed Rs 5120 at 12 1/2% p.a C I . At the end of 3 years the m...
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Mr.X borrowed Rs 5120 at 12 1/2% p.a C I . At the end of 3 years the money was repaid qlong with rhe interest accrued . The amount if interest paid by him is Related: Time Value of Money (Part - 1)?
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Mr.X borrowed Rs 5120 at 12 1/2% p.a C I . At the end of 3 years the money was repaid qlong with rhe interest accrued . The amount if interest paid by him is Related: Time Value of Money (Part - 1)? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about Mr.X borrowed Rs 5120 at 12 1/2% p.a C I . At the end of 3 years the money was repaid qlong with rhe interest accrued . The amount if interest paid by him is Related: Time Value of Money (Part - 1)? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr.X borrowed Rs 5120 at 12 1/2% p.a C I . At the end of 3 years the money was repaid qlong with rhe interest accrued . The amount if interest paid by him is Related: Time Value of Money (Part - 1)?.
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