rishi purchased a car from a car dealer worth RS 64000 on credit. if the dealer charges interest of 5% per annum reckoned half yearly ,find the amount rishi has to pay after one and half years.
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Answer:
Step-by-step explanation:
Rishi has to pay a total of amount = $68921
Step-by-step explanation:
Principal value, P = $64000
Rate of Interest, r = 5% annually
Since, the car is bought on credit, the interest will be compound interest.
The number of times the interest will be compounded is given to be half yearly ⇒ 2 times in a year , therefore, n = 2
Time, t = 1 and half year year
therefore, t = 1.5 years
Amount = Principal (1+R/100) to the power n
Amount = 64000 (1+5/100×2) to the power 2 × 1.5
Amount = 64000 × 1.0768
Amount = Rs 68921
Hence, Rishi has to pay Rs. 68921
May the answer will help you!!
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