Kamala borrowed ₹ 26,400 from a Bank to buy a scooter at a rate of 15% per annum compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?
Answers
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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Step-by-step explanation:
ANSWER
Principal (P) = Rs26,400
Rate (R) = 15% per annum
Number of years (n) = 2124
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+100R)Time
Interest = Amount - Principal
Amount = 26400(1+10015)2
Amount=34914
Now, the interest for next 31 years will be calculated using Simple Interest
S.I. = 100(P×R×T)
S.I. = 10034914×15×31
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.
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