Question

2. Kamala borrowed 26.400 from a Bank to buy a scooter at a rate of 15% pa
compounded yearly. What amount will she pay at the end of 2 years and 4 months to
clear the loan?​

Answer 1

Answer:

36,659.70

Step-by-step explanation:

Given –

Principal (P) = Rs. 26,400,

Time (n) = 2 years 4 months = 2 years 4/12 months = 2 1/3 years

Rate of interest (R) = 15% p.a.

Amount for 2 years (A) =  P [(1+r/100)n]

For 2 years,

A = 26400 [1 + 15/100]2

   = 26400 [1 + 3/20] 2

   = 26400 [23/20] 2

  = 26400 x 23/20 x 23/20

  = Rs. 34914

For 1/3 years,  T = 1/3 years, rate = 15%, P = 34914

Intrest = 34914 X 1 X 15/3X100

               = Rs 1745.70

Therefore, Total amount = Rs. 34,914 + Rs. 1,745.70

                                                    = Rs 36,659.70

Answer - At the end of 2 years and 4 months to clear to loan Kamala will pay Rs 36,659.70