Question

Ahmed total loan for rupees 4500 to repair his house if the rate of interest is 3.5 % per annum compounded annually find the amount paid by him at the end of 2 years​

Answer 1

Given:

Total loan for rupees 4500, rate of interest is 3.5 % per annum compounded annually

To Find:

Amount to be paid by him at the end of 2 years​

Solution:

Initial conditions:

Principal for first year (P)= Rs 4500 (Given)

Rate (R) = 3.5%

Time period = 1 year

$SI = \frac{P.R.T}{100}$

⇒$SI = \frac{4500 X 3.5 X 1}{100}$

⇒ SI = 157.5

⇒ A = (4500 + 157.5) = 4657.5

Now, New Principal = 4657.5

⇒ $SI = \frac{4657.5 X 3.5 X 1}{100}$

⇒ SI = 163.01

So, Final amount = (5657.5 + 163.01) = 4820.51

Hence, the amount paid by Ahmed at the end of two years is Rs. 4820.51

Answer 2

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