Question

Gita borrowed Rs2500 form a finance company for 3/2 years at the rate of 25% per annum. what amount will she have to pay if the interest is compounded half yearly.​

Answer 1

Answer:

∴She have to pay Rs.3559.57 to the finance company.

Step-by-step explanation:

Given That,

Principle (P) = Rs. 2500

Time (t) = 3/2 year

Rate of interest (R) = 25%

Number of times compounded per annum (n) = 2

Since, we know that,

$A=P(1+\frac{\frac{r}{n}}{100})^{n\times\:t}\\\\Putting\:the\:value\:of\:P=2500;\:R=25\%;\:n=2\:t=\frac{3}{2},\:we\:get,\:\\\\A=2500(1+\frac{\frac{25}{2}}{100})^{2\times\frac{3}{2}}\\\\=>A=2500(1+\frac{25}{200})^{3}\\\\=>A=2500(1+\frac{1}{8})^{3}\\\\=>A=2500(\frac{8+1}{8})^{3}\\\\=>A=2500\times\frac{9}{8}\times\frac{9}{8}\times\frac{9}{8}\\\\ =>A=3559.57(approx.)$

∴She have to pay Rs.3559.57 to the finance company.

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