Arti took a loan of Rs 80,000 from a bank to purchase an old car. How much will she have to pay at the end of 3years 6months if the bank charges at the rate of 7½% p.a. compounded half- yearly?
Answers
Given : Arti took a loan of Rs 80,000 from a bank to purchase an old car.
rate of 7½% p.a. compounded half- yearly
To Find : How much will she have to pay at the end of 3years 6months
Solution:
Arti took a loan of Rs 80,000 from a bank to purchase an old car.
P = 80000 Rs
R = 7.5 % p.a or 3.75 % half yearly
n = 3 Years 6 months = 3.5 years = 7 Half years
A = P(1 + R/100)ⁿ
=> A = 80000 ( 1 + 3.75/100)⁷
=> A = 80000 ( 1.0375)⁷
=> A = 1,03,515.82
Arti will pay Rs 1,03,515.82
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Answer:
103515.82
Step-by-step explanation:
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