Question

Sameer takes a loan of Rs.50000 at 5% per annum for 1 1/2 years Assuming interest to be compounded half-yearly, find the total interest paid by him​

Answer 1

Answer:

Rs.1250

Step-by-step explanation:

Interest for 11/2 years=5% of 50000

=5/100*50000

=5*500

=Rs2500

Half yearly of 5.5 or 11/2 years=2.75 years(divided by 2)

5.5 years=Rs.2500

So,1 year = 2500/5.5

So, 2.75 years=2500/5.5*2.75

=Rs.1250

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