Advertisements
Advertisements
Question
A man borrows Rs.6500 at 10% per annum compound interest payable half-yearly. He repays Rs.2000 at the end of every six months. Calculate the amount outstanding at the end of the third payment. Give your answer to the nearest rupee.
Advertisements
Solution
For 1st half year : P = Rs.6500, R = 10% and T = `(1)/(2)` year
Interest = Rs.`(6500 xx 10 xx 1)/(100 xx 2)`
=Rs.325
Amount
= Rs.6500 + Rs.325
= Rs.6825
Money paid at the end of 1st half year = Rs.2000
Balance money for 2nd half year
= Rs.6825 - Rs.2000
= Rs.4825
For 2nd half year : P = Rs.4825; R = 10% and T = `(1)/(2)` year
Interest = Rs.`(4825 xx 10 xx 1)/(100 xx 2)`
= RS.241.25
Amount
= Rs.4825 + Rs.241.25
= Rs.5066.25
Money paid at the end of 2nd half year = Rs.2000
Balance money for 3rd half year
=Rs.5066.25 - Rs.2000
= Rs.3066.25
For 3rd half year : P = Rs.3066.25; R = 10% and T = `(1)/(2)` year
Interest = Rs.`(3066.25 xx 10 xx 1)/(100 xx 2)`
=Rs.153.3125
Amount
=Rs.3066.25 + Rs.153.3125
= Rs.3219.5625
Money paid at the end of 3rd half year = Rs.2000
Amount outstanding at the end of 3rd payment
= Rs.3219.5625 - Rs.2000
= Rs.1219.5625
= Rs.1220 (nearest rupee).
APPEARS IN
RELATED QUESTIONS
If the interest is compounded half-yearly, calculate the amount when principal is Rs. 7,400; the rate of interest is 5% per annum and the duration is one year.
What sum of money will amount to Rs. 27,783 in one and a half years at 10% per annum compounded half yearly?
Ashok invests a certain sum of money at 20% per annum, compounded yearly. Geeta invests an equal amount of money at the same rate of interest per annum compounded half-yearly. If Geeta gets Rs. 33 more than Ashok in 18 months, calculate the money invested.
At what rate of interest per annum will a sum of Rs. 62,500 earn a compound interest of Rs. 5,100 in one year? The interest is to be compounded half yearly.
In what time will Rs. 1,500 yield Rs. 496.50 as compound interest at 20% per year compounded half-yearly ?
Find the amount and the compound interest payable annually on the following :
Rs.24000 for 1`(1)/(2)` years at 7`(1)/(2)`% per annum.
[Hint : 1 year 146 days = `1(146)/(365)"year" = 1(2)/(5)"year"`]
A man borrows ₹ 4000 at 14% p.a., compound interest, being payable half-yearly. Find the amount he has to pay at the end of 1`(1)/(2)` years.
Calculate the amount and compound interest to the nearest rupee on Rs 42000 for 2 years at 8% per annum, interest being payable half-yearly.
A man lends Rs 15000 at 10.5% per annum C.I., interest reckoned yearly, and another man lends the same sum at 10% per annum, interest being reckoned half-yearly. Who is the gainer at the end of one year and by how much?
Find the amount and compound interest on Rs.50000 on 1`(1)/(2)` years at 8% p.a. compounded half-yearly.
