Question

Anita borrowed * 50000 for 1 year 5 months at 12% per annum compounded
annually. How much money will she have to pay back to settle the account?


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Answer 1

Answer:

She have to pay 58,800 back to settle the account.

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Step-by-step explanation:

P = 50,000

R = 12%

Interest after 1 year = $\frac{50,000*12*1}{100}=6000$

Now, P = 50,000 + 6000 = 56000

Time = 5 months = 5/12 Year

Rate = 12%

Interest after 5 months = $\frac{56,000*5*12}{12*100} =2800$

Amount after 1 year and 5 months = 56,000+2,800 = 58,800

Answer 2

Given:

Anita borrower Rs 50,000 for 1 year 5 months at 12% per annum.

To find :

The amount of money will she have to pay back to settle the account.

Formula to be used:

S.I = $\frac{PNR}{100}$

Solution:

We can find the amount of money will Anita have to pay back to settle the account by using the following formula,

S.I = $\frac{PNR}{100}$

P = 50,000 ,

N = 1 year 5 months

N = 1 + $\frac{5}{12}$

N = $\frac{17}{12}$

R = 12%

S.I = $\frac{50000(12)(\frac{17}{12} )}{100}$

S.I = $\frac{50000(17)}{100}$

interest = 500 × 17

Interest = Rs 8500

The amount to be paid after 1 year 5 months = 50,000 + 8500

The amount to be paid after 1 year 5 months = Rs 58,500

Final answer:

The amount of money will Anita have to pay back to settle the account is

Rs 58,500