Question

kamala borrowed rupee 26400 from a bank to buy a scooter at rate of 15% per annum compounded yearly. what amount will she pay at the end of 2 years and 4 months to clear to loan​

Answer 1

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