Question

rahim borrowed Rs.10,24,000 from bank for one year if the bank charges interest of 5%per annum compounded half early what amount will have to pay after the given time period also find the interest paid by him

Answer 1

Answer:

P= 1024000

r= 5% = 0.05

n= 1/2 yr

so,

compound principal (C)

$p(1 + r) ^{n} \\ = 1024000(1 + 0.05) ^{ \frac{1}{2} } \\ = 1024000(1.05) ^{ \frac{1}{2} } \\ = 1024000 \times 1.0247 \\ = 1049287.758$

so amount of compound profit

$= c - p \\ = 1049297.758 - 1024000 \\ = 25287.758$

Answer 2

Answer:

interest paid =51840

Step-by-step explanation:

p (rahim borrowed ) =10,24,000

time = 1 year

r= 5%   amount = a

halfyearly amount   $A = P ( 1 + {r}/{2} /{100} )^{2n}$

$a= 1024000 (1+(\frac{5}{200} ))^2\\\\= 1024000 (1+\frac{1}{40} ))^2\\\\= 1024000 (\frac{41}{40} )^2\\\\= 1024000 (\frac{41}{40} )X\(frac{41}{40} )\\= 1024000 (1.025 X 1.025)\\= 1075840$

compound interest =  amount - principal

                                =  1075840-1024000

                                    =51840