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.
Answers
Answer:
Principal (sum borrowed) (P) = Rs. 64000
Rate (R)
=
10
%
p.a or
5
%
half-yearly
Period (T)
=
1
1
2
years or 3 half-years
Interest for the first half year
=
P
R
T
100
=
R
s
.
64000
×
5
×
1
100
=
R
s
.
3200
Amount after first half-year
=Rs. 64000 + Rs. 3200 = Rs. 67200
Or principal for the second half-year
= Rs. 67200
Interest for the second half-year
=
R
s
.
67200
×
5
×
1
100
=
R
s
.
3528
∴
Total compound interest for 3 half-years
or
1
1
2
years = Rs. 3200 + Rs. 3360 + Rs. 3528
= Rs. 10088
Step-by-step explanation:
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Principal (sum borrowed) (P) = Rs. 64000
Rate (R) half-yearly
Period (T)
Amount after first half-year
=Rs. 64000 + Rs. 3200 = Rs. 67200
Or principal for the second half-year
= Rs. 67200
Interest for the second half-year
Total compound interest for 3 half-years
years = Rs. 3200 + Rs. 3360 + Rs. 3528
= Rs. 10088