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Gautambabu has taken a loan of Rs. 2000 ...

Gautambabu has taken a loan of Rs. 2000 for 2 years at the rate of compound interest fo 6% per annum. Find the compound interest he has to pay after 2 years.

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Gautambabu has taken a loan of Rs. 2000.
`:.` Here principal `(P)=Rs. 2000`
Rate of compound interest per annum `=6%`
Period of time `=2` years.
`:.` After 2 years the amount `=Rs. 2000xx(1+6/100)^(2)`
`=Rs. 2000xx(106/100)^(2)`
`=Rs. (2000xx106xx106)/(100xx100)`
`=Rs. 2247.2`
`:.` The compound interest `=rs. (2247.2-2000)=Rs. 247.2`
Hence Gautambabu has to pay compound interest Rs. 247.2 after 2 years.
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