Reema borrowed ₹ 64000 from a bank for 1 year. The bank charges interest at the rate of 5/2% per annum compounded half yearly. what amount will she have to pay after 1 year? Also, find the interest paid by her
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Reema has to Pay Rs 65610 & Interest Paid by Reema = Rs 1610
Step-by-step explanation:
Reema borrowed ₹ 64000 from a bank for 1 year.
P = 64000
R = 5/2 % per annum = 5/4 % per Half year
n = Time = 1 Year = 2 Half Years
A = P ( 1 + R/100)ⁿ
A = 64000 ( 1 + 5/400)²
A = 64000 ( 405/400)²
A = 64000 ( 81/80)²
A = 10 * 81²
A = 65610
Reema has to Pay Rs 65610
Interest Paid by Reema = 65610 - 64000 = Rs 1610
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