Geeta borrowed ₹2500 from a finance company for 3/2 years at 10% per annum. What amount will she have to pay if the interest compounded semi annually .
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Answer:Principal for the first year = Rs. 2500Interest for the first year = Rs. (2500×10×1100)= Rs. 250Amount at the end of the first year = Rs. (2500 +250 ) = Rs. 2750Principal for the second year = Rs. 2750Interest for the second year = Rs. (2750×10×1100)= Rs. 275Amount at the end of the second year = Rs. (2750 + 275) = Rs. 3025∴ Compound interest = Rs. (3025 − 2500) = Rs. 525
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