Saleem took a loan of Rs. 10000 for 2 years at 20% per annum compounded annually how much more he had to pay if the interest be compounded half- yearly ? please help urgent!!!!
also explain it please!!!!
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Step-by-step explanation:
Amount for 1st year.
A=P[1+
100
R
]
n
=Rs.80000[1+
100
10
]=Rs.88000
SI on Rs. 88000 for next 1/2 year
=Rs.88000×
100
10
×
2
1
=Rs.4400
Therefore, Amount = Rs.88000+Rs.4400 = 92400Rs.
2) Compounded half yearly :
P=Rs.80000
R=10% p.a.=5% per half year
T=1
2
1
years ⟹n=3
A=Rs.80000[1+
100
5
]
3
A=Rs.92610
Thus, the difference between the two amounts = Rs.92610−Rs.92400 =Rs.210
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