Question

A farmer obtained a loan of rupees 12800 from a bank for buying a tractor if the bank charges compound interest for 15/2% per annum what amount he will have to pay after 3 years?

Answer 1

Answer:

5836.8 is the total pay for this 3 yra

Answer 2

Answer:

• The farmer has to pay ₹15901.4 at 15/2% per annum after 3 years.

Step-by-step explanation:

Given that:

• A farmer obtained a loan of ₹12800 from a bank.
• The bank charges compound interest at 15/2% per annum.

To Find:

• What amount will the farmer has to pay after 3 years?

As we know that,

$\sf{\circ\;Amount=Principal\left(1+\dfrac{Rate}{100}\right)^{Time}}$

Here,

• Principal = ₹12800
• Rate = 15/2%
• Time = 3 years

Substituting the values,

$\sf{\longmapsto12800\left(1+\dfrac{\dfrac{15}{2}}{100}\right)^{3}}$

$\sf{\longmapsto12800\left(1+\dfrac{15}{2\times100}\right)^{3}}$

$\sf{\longmapsto12800\left(1+\dfrac{15}{200}\right)^{3}}$

Adding 1 and 15/200,

$\sf{\longmapsto12800\left(\dfrac{200+15}{200}\right)^{3}}$

$\sf{\longmapsto12800\left(\dfrac{215}{200}\right)^{3}}$

Opening the bracket,

$\sf{\longmapsto12800\times\dfrac{215}{200}\times\dfrac{215}{200}\times\dfrac{215}{200}}$

Dividing the numbers,

$\sf{\longmapsto12800\times1.075\times1.075\times1.075}$

Multiplying the numbers,

$\sf{\longmapsto15901.4}$

Hence,

• The farmer has to pay ₹15901.4 at the end of 3 years.