Question

Raman took a loan of rupees 130000 from a finance company at the rate of 10percent for 15 months to purchase a motorcycle how much amount will he pay if the interest is calculated compounded annually

Answer 1

Answer:

u can take help from here

Answer 2

Step-by-step explanation:

Amount formula in compound interest is shown below :

A=P(1+r)^tA=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}

2

0.1

= 0.05,

Number of months = 15,

∵ half year = 6 months

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

6

15

,

Thus, the amount of the loan,

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

6

15

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

6

15

= 146864.42 rupees.