Question

✴ Neha borrowed ₹24000 from the State Bank of India to buy a scooter. If the rate of interest be 10% per annum compounded annually,what payment will she have to make after 2 year 3 months?

Question from Rs Aggarwal Class 8th.Chapter 11- Compound Interest.

Please solve it step by step by using formulae of compound interest.​

Answer 1

GiVen:

• Present value Neha borrowed is Rs 24000

• Interest rate is 10 % per annum

• Time for interest = 2 years 3 months = 2 ¼ years

To Find:

• We have to find the total amount.

AnSwer:

As we know,

$\bigstar \: \: \sf \: Amount (A) = P (1+( \dfrac{R}{100} ))n$

Where,

• P is the present value borrowed by Neha

• R is rate of interest

• n is time in years

★ According to the question,

Substitute the values in above formula,

$: \implies \sf \: \: A = 24000 {(1 + \dfrac{10}{100} )}^{2} [1 + \dfrac{( \dfrac{1}{4} \times 10)}{100} ] \\ \\: \implies \sf \: \: A = 24000 {(1+ \dfrac{1}{10} )}^{2} (1+ \dfrac{1}{40} ) \\ \\: \implies \sf \: \: A = 24000 ( {\dfrac{11}{10})}^{2}( \frac{41}{40} ) \\ \\: \implies \sf \: \: A = 24000 \times \frac{121}{100} \times \dfrac{41}{40} = 24 \times 121 \times \dfrac{41}{4} \\ \\: \implies \sf \: \:{ \underline{ \boxed{ \sf{ \purple{ \: A = 29766 \: }}}}} \: \bigstar$

∴ Neha has to pay Rs. 29766

Answer 2

Answer:

Payment will she have after 2 years 3 months = RS. 29766

Step-by-step explanation:

It is given that,

Neha borrowed rs 24000 from sbi and rate is 10% per annum compounded

Number of years = 2 years 3 months

Principle amount P = RS. 24000

Rate of interest R = 10%

Equation for compount interest

$A = P[1+\frac{R}{100}] ^{N}$

To find the Amount after 2 years

$Amount \: \: \: A = P[1+\frac{R}{100}] ^{2}$

$A = P[1+\frac{10}{100}] ^{2}$

A =29040

To find the amount after 2 years 3 months

3 months = 1 year/ 4

Here R= 10/4 = 2.5 and N = 1

$A =P[1+\frac{R}{100}] ^{1}$

A =29040 [1+ 0.025]=29766

payment will she have after 2 years 3 months = RS. 29766