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?
please answer it's urgent
Answers
Answered by
1
Answer:
Kamala borrowed ₹ 26400 from a Bank to buy a scooter at a rate of 15% p.a. compounded yearly. The amount Kamala will have to pay after 2 years 4 months to clear the loan is ₹ 36659.70.
Answered by
1
Answer:
Given,
Principle(P) = 26400
Rate(R) = 15%
Time(T) = 2 yrs and 4 months
Compound Amount(C.A) = ?
Now,
We Know,
C.A = P( 1 + R/100 )^T * ( 1 + (mR)/1200 )
= 26400 * ( 1 + 15/100 )^2 * ( 1 + (4*15)/1200)
= 36659.7
Hence, She will pay 36659.7 at the end of 2 years and 4 months
Similar questions