Question

$\textbf{Question -}$
kamla borrowed rupees 26,400 from bank to buy a scooter at a rate of 15% compounded yearly. what amount will you pay at the end of 2 year 4 month to clear the loan?
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Answer 1

Answer:

ok

Step-by-step explanation:

principal =26400

rate = 15% per annum

no of years = 2 4/12 in mixed fraction

amount of first 2 years

amount=p(1+r/100)

interest =amount-principal

amount=26400(1+15/100)

amount=34914

the interest for next 1/3 years will be

s.i = (p×r×t) /100

s.i=34914×15×1/3/100

s.i = 1745.70

then total

34,914+1745.70

34,914+1745.70

36,659.70

then the nearest whole number is 36660

Answer 2

Answer:

36660

Step-by-step explanation:

Principal (P) = Rs26,400

Rate (R) = 15% per annum

Number of years (n) = 2

12

4

The amount for 2 years and 4 months can be calculated by first calculating the amount for 2 years using the compound interest formula, and then calculating the simple interest for 4 months on the amount obtained at the end of 2 years.

For calculating amount of first 2 years,

Amount = Principal(1+

100

R

)

Time

Interest = Amount - Principal

Amount = 26400(1+

100

15

)

2

Amount=34914

Now, the interest for next

3

1

years will be calculated using Simple Interest

S.I. =

100

(P×R×T)

S.I. =

100

34914×15×

3

1

S.I. = 1745.70

Therefore, total amount to be paid after 2 years and 4 months = 34,914+1,745.70=Rs 36,659.70

Nearest whole number to 36659.70 is 36660.