Question

A bank advances loan of Rs. 2000 to Mary on an agreement that interest at the
rate of 10% per annum shall be paid half yearly for its use.
But due to some reason Mary failed to make any interest payment.
At the end of the eighteen month the bank obtained judgement against Mary for
the principal and compound interest at the rate and on terms agreed to
The amount Marry had to pay to the bank for the loan she has taken from the
bank is:​

Answer 1

Solution :-

we know that, When rate is compounded Half - Yearly :-

• Half yearly Means Half of a year, when we Multiply it with 2 we will get a year .

So, we can say that in this case :-

• Rate is Divided by 2.
• Time is Multiply by 2 . ( To make it a complete year).

then,

• Rate = 10/2 = 5% per annum .
• Time = 18 * 2 = 36 months = 3 years .

putting all values we get,

→ A = 2000[1 + (5/100)]³

→ A = 2000[1 + (1/20)]³

→ A = 2000 * (21/20)³

→ A = (2000 * 441 * 21)/8000

→ A = (441*21)/4

→ A = Rs.2315.25 (Ans.)

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Answer 2

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