Question

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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Answer 1

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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