Question

Rubi borrowed Rs 24000 from a bank to buy a two wheeler If the rate of interest for
her loan is 10% compounded annually, how much will she have to pay after 2 years?​

Answer 1

Answer:

29766

Explanation:

Present value= ₹ 24000 Interest rate= 10 % per annum Time= 2 years 3 months = 2 ¼ years To find the amount we have the formula, Amount (A) = P (1+(R/100))n Where P is present value, r is rate of interest, n is time in years. Now substituting the values in above formula we get, ∴ A = 24000 (1 + 10/100)2 [1 + (1/4 × 10)/100] ⇒ A = 24000 (1+1/10)2 (1+1/40) ⇒ A = 24000 (11/10)2 (41/40) ⇒ A = 24000 × 121/100 × 41/40 = 24 × 121 × 41/4 ⇒ A = ₹ 29766