Question

Amit took a loan of 64,000 at 12% per annum. If the interest is compounded half-yearly, find the total amount that he needs to pay to the bank after 2.5 years.​

Answer 1

r = 12% per year = 12%/2 =6% per half year

n= 2.5 years = 2×2.5 half years =5 half years

A = 64000(1+6%)⁵ = 64000×(1.06)⁵ = 85646.44/-

Answer 2

Answer:

85,646.437 /-

Step-by-step explanation:

we know that ,

P = 64,000 R = 12% per annum

R = 6% per half yearly T = 2.5 years T = 2× 2.5 = 5 half years

Now A.T.Q ,

A= P ( 1+r\100)^t

A = 64000( 1 +6/100) ^ 5

A= 64000(1.06)^5

A= 64000×1.06× 1.06× 1.06 ×

1.06× 1.06

A = 85,646.437 /-

Answer .

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