Question

What amount is to be repaid on the loan of ₹12000 for 1½ years at 10% per annum compounded half yearly​

Answer 1

QUESTION :-

What amount is to be repaid on the loan of ₹12000 for 1½ years at 10% per annum compounded half yearly

ANSWER :-

• Principal for first 6 months ➠ ₹12000

Time :-

➠ 6 months

$➠ \frac{6}{12} \: year$

$➠ \frac{1}{2} \: year$

Rate :-

➠ 10 %

Interest :-

$➠I = ₹\frac{12000 \times 10 \times \frac{1}{2} }{100} =₹ 600$

Amount = Principal + Interest

Amount = ₹12000 + ₹600

Amount = ₹12600

₹12600 is principal for next 6 months

$➠I = ₹\frac{12600 \times 10 \times \frac{1}{2} }{100} =₹ 630$

Principal for third period

➠ ₹12600 + ₹630

➠ ₹13,230

$➠I = ₹\frac{13230 \times 10 \times \frac{1}{2} }{100} =₹ 661.50$

Amount = Principal + Interest

Amount = ₹13,230 + ₹661.50

Amount = ₹13,891.50