Pratheep borrowed ₹26,400 from a bank …

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Pratheep borrowed ₹26,400 from a bank to buy a scooter at a rate a of 15% p.a compounded yearly . What amount will she pay at the end of 2 year and 4 month to clear the loan

Posted by Pratheep Vetri Vel 5 years, 5 months ago

CBSE > Class 08 > Mathematics

1 answers

Yogita Ingle 5 years, 5 months ago

Given:

Principal (P) = ₹ 26,400, Time (n)= 2 years 4 months, Rate of interest (R) = 15% p.a.

Amount for 2 years (A) = P(1+R/100)^n

=26400(1+15/100)²

= 26400(1+3/20)²

= 26400(23/20)²

= 26400(23/20)×(23/20

= (264×23×23)/4= 66×23×23

= ₹34,914

Interest for 4 months= 4/12=1/3

Interest for 1/3 years at the rate of 15% = (34914×15×1)/3×100

= (34914×5)/100

= ₹ 174570/100

= ₹ 1745.70

Total amount = ₹ 34,914 + ₹ 1,745.70

= ₹ 36,659.70

The amount she will pay at the end of 2 years and 4 months to clear the loan= ₹ 36,659.70

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