Gajendra Singh purchased a house from Aawas parshid on credit if the cost of the house is 64000 rupees and the rate of the interest is 5% per annum compounded half yearly find the interest paid by Gajendra singh after one and half years
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The interest paid by Gajendra singh after one and half years = Rs 4921 if house cost is 64000 & Rate of interest 5% per annum compunded half yearly
Step-by-step explanation:
cost of the house is 64000 Rs
Rate of interest = 5 % Per Annum
= 5/2 = 2.5 % half yearly
time = one & Half Year = 3 Half Years
Amount after one & Half Year = 64000 ( 1 + 2.5/100)³
= 68921
Interest Paid = 68921 - 64000
= 4921 Rs
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2
Interest = 2400 rs
Step-by-step explanation:
Given,
Cost of the house, P = 64000
Time, T = years
Rate, R = 5% per annum
Then, R = 2.5 % (half yearly)
Interest =
=
=
Interest = 2400 rs
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