Zaved got a loan of Rs. 8,000 against his fixed deposits to purchase a scooter. If the rate of interest is 10% per annum compounded half - yearly, find the amount that he will pay after a year and a half.
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Zaved got a loan so
Principal (P ) = Rs 8000
Rate (R) = 10%
time ( T ) 1 year
compounded interest yearly
Amount = P × (1+ R/100)^T
= 8000 ( 1 + 10 / 100) ^1
= 8000 × 100+10/100
=8000×110/100
=8800
Now
Time ( t) = 6month
compounded interest half year
Amount = P ( 1+ R/ 2×100)^2t
=8000 (1+10/200)^12 Month
=8000 × (1 +5/100)^1 year
=8000 ×100+5/100
=8000×105/100
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