Question

2. Kamala borrowed 26,400 from a Bank to buy a scooter at a rate of 15% p.a.
compounded yearly. What amount will she pay at the end of 2 years and 4 months to
clear the loan?
(Hint: Find A for 2 years with interest is compounded yearly and then find SI on the
4
2nd year amount for years).
12​

Answer 1

Answer:

Amount for 2 years = Rs. 34914

Interest for 4 months i.e. 1/3 years = Rs. 1745.70

Hence, Total Amount = Rs. (34914+ 1745.70) = Rs. 36659.70