Question

Monu borrowed Rs 1500 from a bank at the rate of 14% p.a for 2 years 4 month.
Find the amount he paid back.​

Answer 1

Answer:

1990

Step-by-step explanation:

Monu borrowed Rs 1500 from a bank at the rate of 14% p.a for 2 years 4 month.

1990 the amount he paid back.

Answer 2

Answer:

Here is your answer

Step-by-step explanation:

Principal: 1500

Rate : 14%

Time : 2 years 4 months

the amount of 2 years and 4 months can be calculated by first calculating the amount of two years using the compound interest formula and then calculating the simple interest for 4 months on the amount obtained at the end of 2 years

For calculating amount of first two years

Amount : P (1+R/100)^ Time

: 1500(1+14/100)²

: 1500(114+100)²

: 1500(57/50)²

: 1500×57/50×57/50

: 1949.4

Now the interest for next 1/3 years will be calculated using simple interest

Simple Interest : P×R×T /100

: 1949.4× 14× 1 / 100 × 3

: 818.58

Therefore total amount to be paid after 2 years 4 months : 1949.4+818.58

Rs : 2767.98

Hope helpful for you