kamala borrow 26400 rupies from a bank to buy a scooter at a rate of 15percent annum compounded yearly. what amount will she pay at the end of 2years and 4months to clean the loan
Answers
Step-by-step explanation:
Principal (P) = Rs26,400
Rate (R) = 15% per annum
Number of years (n) = 2
12
4
The amount for 2 years and 4 months can be calculated by first calculating the amount for 2 years using the compound interest formula, and then calculating the simple interest for 4 months on the amount obtained at the end of 2 years.
For calculating amount of first 2 years,
Amount = Principal(1+
100
R
)
Time
Interest = Amount - Principal
Amount = 26400(1+ 15)/100^2
Amount=34914
Now, the interest for next
31 years will be calculated using Simple Interest
S.I. =
100
(P×R×T)
S.I. =
100
34914×15×31
S.I. = 1745.70
Therefore, total amount to be paid after 2 years and 4 months = 34,914+1,745.70=Rs 36,659.70
Nearest whole number to 36659.70 is 36660.