Question

A sum of Rs 26,400 was borrowed from a bank at a rate of 15% p.a compounded half yearly ,find the amount at the end of 1½ years.


Quick bro

Answer 1

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)

→ 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