Question

2. Kamala borrowed ₹ 26400 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 S.I. on the 2nd year amount for 4/12 years.)
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Answer 1

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Solution:

Amount (A) = P[1 + (r/100)]^n

Principal (P) = ₹ 26400

Time period (n) = 2 years 4 months

Rate % (R) = 15% compounded annually

Steps:

First, we will calculate Compound Interest (C.I) for the period of 2 years

A = P[1 + (r/100)]^n

= 26400[1 + (15/100)]^2

= 26400[(100/100) + (15/100)]^2

= 26400 × 115/100 × 115/100

= 26400 × 23/20 × 23/20

= 26400 × 1.3225

= 34914

C.I. = A - P

= 34914 - 26400

= 8514

Now, we will find Simple Interest (S.I) for the period of 4 months

Principal for 4 months after C.I. for 2 years = ₹ 34,914

We know that,

S.I = PRT/100

Here T = 4 months = 4/12 years = 1/3 years

S.I. for 4 months = (1/3) × 34914 × (15/100)

= (1/3) × 34914 × (3/20)

= 34914/20

= 1745.70

Total interest for 2 years 4 months = 8514 + 1745.70

= 10259.70

Total amount for 2 years 4 months = 26400 + 10259.70

= ₹ 36659.70

Answer 2

Answer:

Question :-

Kamala borrowed ₹ 26400 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 S.I. on the 2nd year amount for 4/12 years.)

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$\huge \tt \red{\underline{Solution :-}}$

P = Rs. 26400 

Rate of Interest = 15 %

Time = 2 years and 4 months

In this question, first, we will compute the compounded interest for 2 years.

A = P(1 + R/100)ⁿ

⇒ 26400(1 + 15/100)²

⇒ 26400 × 115/100 × 115/100

⇒ A = Rs. 34914 

Now, Simple Interest for 4 months will be calculated and Principal will be Rs. 34914.

Simple Interest = (P × R × T)/100

⇒ (34914 × 15 × 4)/(12 × 100)

⇒ 2094840/1200

⇒ Rs. 1745.7

Total Amount = 34914 + 1745.7

= Rs. 36659.7

• Hence, after 2 years and 4 months, Kamala will pay Rs. 36659.7 to clear the loan.

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