Question

Aditya borrowed 30,000 from a bank to buy a Washing machine at a rate of 10% interest p.a, compounded yearly. What amount will he pay at the end of 2 years and 4 months to clear the loan? quick pls it's urgent
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Answer 1

Answer:

37,471.77

7471is the intrest

Answer 2

Answer:

2 years 4 months can be written as 2+1/3 years

(Lets take 2 for compound interest and the other 1/3 for simple interest)

So, Compound interest = P(1+R/100)^T

= 30000(1+10/100)^2

= 30000(1.1)^2

= 30000(1.21) = Rs.36300

Now, simple interest = PTR/100

= (36300*10*1/3)/100

= 363000/300 = 1210

Hence, 36300+1210 = Rs.37510

(the total interest is 37510 - 30000 = Rs.7510)