Kamala borrowed ` 26,400 from a Bank to buy a scooter at a rate of 15% p.a. compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?
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Answer:
Step-by-step explanation:
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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