Maharashtra Board Class 8 Maths Chapter 14 Compound Interest Practice Set 14.1 Solution

Chapter 14 Compound Interest Set 14.1

Question 1.
Find the amount and the compound interest.

NoPrincipal (Rs)Rate (p.c.p.a.)Duration (years)
i.200052
ii.500083
iii.40007.52

Solution:
i. Here P = Rs 2000, R = 5 p.c.p.a. and N = 2 years
Maharashtra Board Class 8 Maths Solutions Chapter 14 Compound Interest Practice Set 14.1 1
= 5 × 441
∴ A = Rs 2205
I = Amount (A) – Principal (P)
= 2205 – 2000
= Rs 205
∴ The amount is Rs 2205 and the compound interest is Rs 205.

ii. Here, P = Rs 5000, R = 8 p.c.p.a. and N = 3 years
Maharashtra Board Class 8 Maths Solutions Chapter 14 Compound Interest Practice Set 14.1 2
∴ A = Rs 6298.56
I = Amount (A) – Principal (P)
= 6298.56 – 5000
= Rs 1298.56
∴ The amount is Rs 6298.56 and the compound interest is Rs 1298.56.

iii. Here, P = Rs 4000, R = 7.5 p.c.p.a. and N = 2 years
Maharashtra Board Class 8 Maths Solutions Chapter 14 Compound Interest Practice Set 14.1 3
∴A = Rs 4622.50
I = Amount (A) – Principal (P)
= 4622.50 – 4000
= Rs 622.50
∴The amount is Rs 4622.50 and the compound interest is Rs 622.50.

Question 2.
Sameerrao has taken a loan of Rs 12500 at the rate of 12 p.c.p.a. for 3 years. If the interest is compounded annually then how many rupees should he pay to clear his loan?
Solution:
Here, P = Rs 12,500, R = 12 p.c.p.a. and
N = 3 years
Maharashtra Board Class 8 Maths Solutions Chapter 14 Compound Interest Practice Set 14.1 4
= 0.8 × 28 × 28 × 28
= Rs 17,561.60
Sameerrao should pay Rs 17,561.60 to clear his loan.

Question 3.
To start a business Shalaka has taken a loan of Rs 8000 at a rate of 101/2 p.c.p.a. After two years how much compound interest will she have to pay?
Solution:
Here, P = Rs 8000, N = 2 years and
Maharashtra Board Class 8 Maths Solutions Chapter 14 Compound Interest Practice Set 14.1 5
Maharashtra Board Class 8 Maths Solutions Chapter 14 Compound Interest Practice Set 14.1 6
I = Amount (A) – Principal (P)
= 9768.20 – 8000
= Rs 1768.20
∴ After two years Shalaka will have to pay Rs 1768.20 as compound interest.