Question

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_[]´____QUESTION:-





kamla borrowed rupees 26,400 from bank to buy a scooter at a rate of 15% compounded yearly. what amount will you pay at the end of 2 year 4 month to clear the loan?
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Answer 1

Answer:

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Explanation:

Now, Simple Interest for 4 months will be calculated and Principal will be Rs. 34914. Hence, after 2 years and 4 months, Kamala will pay Rs. 36659.7 to clear the loan

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Answer 2

Solution :-

P = Rs. 26400 

Rate of Interest = 15 %

Time = 2 years and 4 months

In this question, first, we will compute the compounded interest for 2 years.

A = P(1 + R/100)ⁿ

⇒ 26400(1 + 15/100)²

⇒ 26400*115/100*115/100

⇒ A = Rs. 34914 

Now, Simple Interest for 4 months will be calculated and Principal will be Rs. 34914.

Simple Interest = (P*R*T)/100

⇒ (34914*15*4)/(12*100)

⇒ 2094840/1200

⇒ Rs. 1745.7

Total Amount = 34914 + 1745.7

= Rs. 36659.7

Hence, after 2 years and 4 months, Kamala will pay Rs. 36659.7 to clear the loan.

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