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
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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.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
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