Kamala borrowed Rs.26,400 from a Bank to Bye a Scooter bat a rate of 15% p.a. Compounded Yearly .What amount will she pay at the end of 2 years and 4 months to clear the loan ?????
(Hint: Find A for 2 year with interest is Compounded yearly and then Find S.I. on the 2nd year Amount for 4/12 years.)
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Answers
Amount borrowed, i.e. Principal, P = Rs 26, 400
Rate of interest, r = 15 % per annum compounded annually
Time, n = 2 years and 4 months = 2 1/3 years
We know,
Amount received on a certain sum of money of Rs P invested at the rate of r % per annum compounded annually for n q/s year is given by
So, on substituting the values, we get
So, amount that she have to pay at the end of 2 years and 4 months to clear the loan is Rs 36659. 70
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ADDITIONAL INFORMATION
1. Amount received on a certain sum of money of Rs P invested at the rate of r % per annum compounded annually for n years is given by
2. Amount received on a certain sum of money of Rs P invested at the rate of r % per annum compounded semi - annually for n years is given by
3. Amount received on a certain sum of money of Rs P invested at the rate of r % per annum compounded quarterly for n years is given by
4. Amount received on a certain sum of money of Rs P invested at the rate of r % per annum compounded monthly for n years is given by
Step-by-step explanation:
Given that Kamala borrowed Rs.26,400 from a Bank to Bye a Scooter bat a rate of 15% p.a. Compounded Yearly and she pay at the end of 2 years and 4 months to clear the loan.
We need to find out the amount payed by her at the end of 2 years and 4 months to clear the loan.
Now,
Amount for 2 years = P (1 + R/100)^T
Substitute the known values,
= 26400 (1 + 15/100)²
= 26400 (115/100)²
= 264 (115 × 115)/100
= 34914
Hence, the amount is Rs. 34914.
Also,
Interest for 4 months or 1/3 year = (P × R × T)/100
= (34914 × 15 × (1/3)/100
= (34914 × 5)/100
= 34914/20
= 1745.70
Total amount = 34914 + 1745.70 = Rs. 36659.7