Arun took a loan of 3.5 lakh rupees from ABC Bank at 7% p.a which is compounded Semi-annually, Find the amount he has to pay at the end of 2 years.
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Answer:
He has to pay 4.48 lakh rupees back at the end of 2 years.
Explanation:
7% of 3.5 lakh = 24,500 rupees
Semi-annually for 2 years = 4 compounds i.e. 128% of 3.5 lakh
28% = 7% x 4 = 24,500 x 4 = 98000 rupees
Total = 3.5 lakh (350000) + 98000 = 4.48 lakh (448000)
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