a farmer wanted to buy a diesel pump and took a loan of rupees 5500 from the rural bank at 4% annual compound interest calculator and world and find out how much money will the farmer return to the bank after 2 year
Answers
Step-by-step explanation:
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}}∘Amount=Principal(1+
100
Rate
)
Time
Here,
Principal = ₹12800
Rate = 15/2%
Time = 3 years
Substituting the values,
\sf{\longmapsto12800\left(1+\dfrac{\dfrac{15}{2}}{100}\right)^{3}}⟼12800
⎝
⎜
⎜
⎛
1+
100
2
15
⎠
⎟
⎟
⎞
3
\sf{\longmapsto12800\left(1+\dfrac{15}{2\times100}\right)^{3}}⟼12800(1+
2×100
15
)
3
\sf{\longmapsto12800\left(1+\dfrac{15}{200}\right)^{3}}⟼12800(1+
200
15
)
3
Adding 1 and 15/200,
\sf{\longmapsto12800\left(\dfrac{200+15}{200}\right)^{3}}⟼12800(
200
200+15
)
3
\sf{\longmapsto12800\left(\dfrac{215}{200}\right)^{3}}⟼12800(
200
215
)
3
Opening the bracket,
\sf{\longmapsto12800\times\dfrac{215}{200}\times\dfrac{215}{200}\times\dfrac{215}{200}}⟼12800×
200
215
×
200
215
×
200
215
Dividing the numbers,
\sf{\longmapsto12800\times1.075\times1.075\times1.075}⟼12800×1.075×1.075×1.075
Multiplying the numbers,
\sf{\longmapsto15901.4}⟼15901.4
Hence,
The farmer has to pay ₹15901.4 at the end of 3 years.