Question

Anamika took a loan of 80000 from a branch of a bank. The rate of interest is 5% per annum. Find the difference in amount she would be paying after 1½years if the rate of interest is compounded annually and compounded half yearly.

Answer 1

Answer:

Compounded Half-yearly

For the first year

P=80000,R=10%,% ,T=1

Interest=100PRT=100(80000×10×1)=8000

Amount=Interest+Principle=80000+8000=88000

For second-year principle will be the amount of previous year (since interest is compounded)

P=88000,T=6months=126years=0.5,R=10%P.a.

Interest=100PRT=100(80000×10×0.5)=4400

Totalinterest=88000+4400=92400

Compounded Annually 

P=80000,R=10/2%=5%,% $$,

T=23 years ,n=3

A=80000(1+1005)3

A=80000(2021)

Step-by-step explanation:

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