Question

Raman took a loan of 130000 from finanace company at the rate of 10% pa for 15 months to purchase a motorcycle.how much amount will he pay if the interest is calculated half yearly.​

Answer 1

Answer:

13001.3 is interest to be payed byraman

Answer 2

The amount would be 146864.42 rupees

Step-by-step explanation:

Amount formula in compound interest is shown below :

$A=P(1+r)^t$

Where,

P = principal amount,

t = number of periods,

r = rate per period

Here the amount of loan, P = 130000,

Annual rate of interest = 10% = 0.1,

So, half yearly rate, r = $\frac{0.1}{2}$ = 0.05,

Number of months = 15,

∵ half year = 6 months

So, the number of half years = $\frac{15}{6}$,

Thus, the amount of the loan,

$A=130000(1+0.05)^{\frac{15}{6}}$

$=130000(1.05)^\frac{15}{6}$

= 146864.42 rupees.

#Learn more :

Find amount and interest :

https://brainly.in/question/13553672