Question

vimal borrowed ₹ 28500 from a private bank to purchase a motorcycle at a rate of 12%p.a. compounded annually. what amount will he pay at the end of 3 years 4 months to clear his loan amount.​

Answer 1

Answer:

41642.15

Step-by-step explanation:

p=28500,R=12 % p.a compounded annually

compound interest for 1st year

C.I = 28500×12/100=3420

total add ( P+C.I)=28500+3420 =31920

here p= 31920,R= 12%,

for 2ndyear C.I= 31920× 12/100= 3830.4

total= p+c.i= 31920+3830.4= 35750.4

here p= 35750.4,R= 12%

for 3rd year c.i= 35850.4×12/100= 4290.048

total p+c.i= 35750.4+4290.058= 40040.448

here p=40040.448,R=4% ( R/3= 12/3=4% for 4months) so

4 months c.i= 40040.448×4/100= 1601.617

total add p+c i= 40040.448+1601.617=41642.065

then he will pay 3years 4months for his loan amount A= 41642.15 rupees