Kamala borrowed Rs 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?
Answers
Answered by
1
Amount = Principal(1+
100
R
)
Time
Interest = Amount - Principal
Amount = 26400(1+
100
15
)
2
Amount=34914
Now, the interest for next
3
1
years will be calculated using Simple Interest
S.I. =
100
(P×R×T)
S.I. =
100
34914×15×
3
1
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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