kamala borrowed Rs.26.400 from a bank to buy a scooter bat 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??
Give correct answer pls!!!!
Answers
Answer:
here is your answer refer from attachment
Step-by-step explanation:
(Hint: Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4/12 years)
Solution:
Amount (A) = P[1 + (r/100)]n
Principal (P) = ₹ 26400
Time period (n) = 2 years 4 months
Rate % (R) = 15% compounded annually
Steps:
Firstt, we will calculate Compound Interest (C.I) for the period of 2 years
A = P[1 + (r/100)]n
= 26400[1 + (15/100)]2
= 26400[(100/100) + (15/100)]2
= 26400 × 115/100 × 115/100
= 26400 × 23/20 × 23/20
= 26400 × 1.3225
= 34914
C.I. = A - P
= 34914 - 26400
= 8514
Now, we will find Simple Interest (S.I) for the period of 4 months
Principal for 4 months after C.I. for 2 years = ₹ 34,914
We know that,
S.I = PRT/100
Here T = 4 months = 4/12 years = 1/3 years
S.I. for 4 months = (1/3) × 34914 × (15/100)
= (1/3) × 34914 × (3/20)
= 34914/20
= 1745.70
Total interest for 2 years 4 months = 8514 + 1745.70
= 10259.70
Total amount for 2 years 4 months = 26400 + 10259.70
= ₹ 36659.70