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Question
Manoj borrowed Rs 25,000 from Sohan at 8.4 % p.a. compound interest. After 2 years Manoj cleared Rs 17,500 and a motorcycle. Find the cost of the motorcycle.
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Solution
Here, P =Rs 25,000; r = 8.4 °/o p.a.; t = 2 years
∴ A = `"P"(1 + "r"/100)^"n"`
= Rs `25000 (1 + 8.4/100)^2`
= Rs `25000 (1 + 84/(100 xx 10))^2`
= Rs `25000 (271/250)^2`
= Rs `25000 xx 271/250 xx 271/250`
∴ A= Rs29,376.40
Hence, amount due after 2 years =Rs 29,376.40
Amount paid after 2 years = Rs 17 ,500
Balance amount= Amount due after 2 years - amount paid after 2 years =cost of the motorcycle
= Rs (29,376.40 - 17,500)
Cost of the motorcycle= Rs 11,876.40
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