Question

Vicky borrowed RS.26,400 from a bank to buy a scooter at the rate of 15% p.a compounded yearly . what amount will he pay at the end of 2 year and 4 month to clear the loan ?

Answer 1

Answer:

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Step-by-step explanation:

Solution :-

P = Rs. 26400 

Rate of Interest = 15 %

Time = 2 years and 4 months

In this question, first, we will compute the compounded interest for 2 years.

A = P(1 + R/100)ⁿ

⇒ 26400(1 + 15/100)²

⇒ 26400*115/100*115/100

⇒ A = Rs. 34914 

Now, Simple Interest for 4 months will be calculated and Principal will be Rs. 34914.

Simple Interest = (P*R*T)/100

⇒ (34914*15*4)/(12*100)

⇒ 2094840/1200

⇒ Rs. 1745.7

Total Amount = 34914 + 1745.7

= Rs. 36659.7

Hence, after 2 years and 4 months, Kamala will pay Rs. 36659.7 to clear the loan.

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Answer 2

P(r/100+1)^n

26400(15/100+1)^2

26400(3/20+1)^2

26400(23/20)^2

34914