Question

Rahul gave loan of $12,888 to Aryan at the rate of 12.5 % per annum . calculate the amount that Aryan has to pay to Rahul after 1 1/2 years if the interest was compounded half- yearly.​

Answer 1

Answer:

$12,888 x 12.5/100 = $1,611 (per year)

$1\frac{1}{2} = 1 \: year \: 6 \: months$

To find the amount of interest per month.

$1,611 ÷ 12 = $134.25

6 months

$134.25 x 6 = $805.50

So 1 year & 6 months is equal to

$1,611 + $805.50 = $2416.50