Neha borrowed ₹ 24000 from SBI to buy scooter. if the rate of interest be 10 percent per annum compounded annually. what payment will she have to make after 2 year 3months?
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Step-by-step explanation:
Present Value = 24000
Interest Rate =10%
Time = 2 years and 3 months 2+1/4 years
A= P (1+R/100)^n x [1+(1/4xR)/100]
A= 24000(1+10/100)² x [1+(1/4x10)/100]
A= 24000(1+1/10)² x [1+1/40]
A=24000(11/10)²x[41/40]
A= 24000(121/100)x[41/40]
A=24x121x41/4
A= 6x121x41
A= 29766.
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