Question

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
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Answer 1

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.