Question

Kamala borrowed 26,000 from a Bank to buy a scooter at a rate of 20% p.a.compounded yearly. What amount will she pay at the end of 2 years and 3 months to clear the loan?

Answer 1

Step-by-step explanation:

P=26000

r=20%

T=2yrs+3months

.

CI of 2 years will be =

26000----------20%

1st yr = 7200

2nd yr = 7200+1440

.

Total CI of 2 yrs = 14400+1440=15840

.

CI of 26000 of 3 months will be

.

20% for 1yr i.e. 12 months

so.10% for 6 months

so.5 % for 3 months

.

So,Total CI incurred form 26000 for 3 months is = 1300

.

so the total amount that will have to be paid by Kamala = 15840+1300=17140*