Advertisements
Advertisements
Question
Kamala borrowed Rs 26400 from a Bank to buy a scooter at a rate of 15% p.a. compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?
(Hint: Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for `4/12` years.)
Advertisements
Solution
Principal (P) = Rs 26,400
Rate (R) = 15% per annum
Number of years (n) = `2 4/12` year
The amount for 2 years and 4 months can be calculated by first calculating the amount for 2 years using the compound interest formula, and then calculating the simple interest for 4 months on the amount obtained at the end of 2 years.
Firstly, the amount for 2 years has to be calculated.
`A = Rs [26400(1 + 15/100)^2] = Rs [26400 (1 + 3/20)^2]`
= `Rs (26400 xx23/20 xx23/20)` = Rs 34914
By taking Rs 34,914 as principal, the S.I. for the next `1/3` years will be calulated
S.I. Rs `((34914 xx 1/3 xx 15)/100)` = Rs . 1745.70
Interest for the first two years = Rs (34914 − 26400) = Rs 8,514
And interest for the next `1/3` year = Rs 1,745.70
Total C.I. = Rs (8514 + Rs 1745.70) = Rs 10,259.70
Amount = P + C.I. = Rs 26400 + Rs 10259.70 = Rs 36,659.70
APPEARS IN
RELATED QUESTIONS
Rohit deposited Rs 8000 with a finance company for 3 years at an interest of 15% per annum. What is the compound interest that Rohit gets after 3 years?
Find the compound interest on Rs 1000 at the rate of 8% per annum for \[1\frac{1}{2}\] years when interest is compounded half-yearly.
Find the compound interest on Rs 64000 for 1 year at the rate of 10% per annum compounded quarterly.
Anil borrowed a sum of Rs 9600 to install a handpump in his dairy. If the rate of interest is \[5\frac{1}{2} %\] per annum compounded annually, determine the compound interest which Anil will have to pay after 3 years.
Amit borrowed Rs 16000 at \[17\frac{1}{2} \%\] per annum simple interest. On the same day, he lent it to Ashu at the same rate but compounded annually. What does he gain at the end of 2 years?
Find the amount of Rs 4096 for 18 months at
Kamal borrowed Rs 57600 from LIC against her policy at \[12\frac{1}{2} \%\] per annum to build a house. Find the amount that she pays to the LIC after \[1\frac{1}{2}\] years if the interest is calculated half-yearly.
When principal P is compounded semi-annually at r % per annum for t years, then amount ______.
If principal = Rs 1,00,000. rate of interest = 10% compounded half-yearly. Find amount after one year.
Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him.
