Kamala borrowed Rs 26,400 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?
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Kamala borrowed Rs 26,400 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?
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Amount = Principal(1+
100
R
)
Time
Interest = Amount - Principal
Amount = 26400(1+
100
15
)
2
Amount=34914
Now, the interest for next
3
1
years will be calculated using Simple Interest
S.I. =
100
(P×R×T)
S.I. =
100
34914×15×
3
1
S.I. = 1745.70
Therefore, total amount to be paid after 2 years and 4 months = 34,914+1,745.70=Rs 36,659.70
Nearest whole number to 36659.70 is 36660.
Answer:
Principal (P) = Rs26,400
Rate (R) = 15% per annum
Number of years (n) = 2
12
124
124
124
124 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.
For calculating amount of first 2 years,
For calculating amount of first 2 years,Amount = Principal(1+
For calculating amount of first 2 years,Amount = Principal(1+ 100
For calculating amount of first 2 years,Amount = Principal(1+ 100R
For calculating amount of first 2 years,Amount = Principal(1+ 100R
For calculating amount of first 2 years,Amount = Principal(1+ 100R )
For calculating amount of first 2 years,Amount = Principal(1+ 100R ) Time
For calculating amount of first 2 years,Amount = Principal(1+ 100R ) Time
For calculating amount of first 2 years,Amount = Principal(1+ 100R ) Time Interest = Amount - Principal
For calculating amount of first 2 years,Amount = Principal(1+ 100R ) Time Interest = Amount - PrincipalAmount = 26400(1+
100
15
15
15 )
15 ) 2
15 ) 2
15 ) 2 Amount=34914
15 ) 2 Amount=34914Now, the interest for next
15 ) 2 Amount=34914Now, the interest for next 3
15 ) 2 Amount=34914Now, the interest for next 31
15 ) 2 Amount=34914Now, the interest for next 31
15 ) 2 Amount=34914Now, the interest for next 31 years will be calculated using Simple Interest
15 ) 2 Amount=34914Now, the interest for next 31 years will be calculated using Simple InterestS.I. =
100
(P×R×T)
(P×R×T)
(P×R×T)
(P×R×T) S.I. =
(P×R×T) S.I. = 100
(P×R×T) S.I. = 10034914×15×
(P×R×T) S.I. = 10034914×15× 3
(P×R×T) S.I. = 10034914×15× 31
(P×R×T) S.I. = 10034914×15× 31
(P×R×T) S.I. = 10034914×15× 31
(P×R×T) S.I. = 10034914×15× 31
(P×R×T) S.I. = 10034914×15× 31
(P×R×T) S.I. = 10034914×15× 31 S.I. = 1745.70
(P×R×T) S.I. = 10034914×15× 31 S.I. = 1745.70Therefore, total amount to be paid after 2 years and 4 months = 34,914+1,745.70=Rs 36,659.70
(P×R×T) S.I. = 10034914×15× 31 S.I. = 1745.70Therefore, total amount to be paid after 2 years and 4 months = 34,914+1,745.70=Rs 36,659.70Nearest whole number to 36659.70 is 36660.
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