Question

Kamala borrowed ₹ 26400 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? (Hint: Find A for 2 years with interest is compounded yearly and then find S.I. on the 2nd year amount for 4/12 years.) Solution:​

Answer 1

Step-by-step explanation:

Here, Principal (P) = Rs. 26,400, Time (n) = 2 years 4 months, Rate of onterest (R) = 15% p.a.

Amount for 2 years (A) = P\left(1+\frac{R}{100}\right)^n

= 26400\left(1+\frac{15}{100}\right)^2=26400\left(1+\frac{3}{20}\right)^2

= 26400\left(\frac{23}{20}\right)^2=26400\times\frac{23}{20}\times\frac{23}{20}

= Rs. 34,914

Interest for 4 months = \frac{4}{12}=\frac{1}{3} years at the rate o f 15% = \frac{34914\times15\times1}{100}

= Rs. 1745.70

\therefore Total amount = Rs. 34914 + Rs. 1745.70

= Rs. 36,659.70

Answer 2

Step-by-step explanation:

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