Question

Prabha borrowed rupees 52,800 from a bank at 15 percentage p.a. compound interest. What amount will she pay to bank to clear the loan at the end of 2 years and 4 months? Help me to solve this with formula. please ​

Answer 1

The amount for 2 years and 4 months can be calculated by first calculating the amount for 2 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 2 years,

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

Nearest whole number to 36659.70 is 36660.

please brainliest mark