Question

2. Afreen borrowed Rs 26.400 from a Bank to buy a scooter at a rate of 15/100compounded yearly
yearly, What amount will she pay at the end of 2
years and 4 months to clear the loan?
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Answer 1

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$\large\underline {Given}$

Principal = 26400

Rate = 15%

Time = 2 years

$\large\underline {solution}$

Simple Interest = $\frac{P×R×T}{100}$

= $\frac{26400×15×2.4}{100}$

= 9504

$\large\underline {Amount}$

Amount = Principal + Interest

= 26400 + 9504

= 35904

Afreen will pay 35904 Rs at the end of the 2 years and 4 months.