Kamala borrowed ₹26,400 from a bank …

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Kamala borrowed ₹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? (Hint:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4/12 years).

Posted by Himanshi Rawat 5 years ago

CBSE > Class 08 > Mathematics

2 answers

Vanya Mehrotra 5 years ago

Principal (P) = Rs26,400 Rate (R) = 15% per annum Number of years (n) = 2124 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, Amount = Principal(1+100R)Time Interest = Amount - Principal Amount = 26400(1+10015)2 Amount=34914 Now, the interest for next 31 years will be calculated using Simple Interest S.I. = 100(P×R×T) S.I. = 10034914×15×31 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.

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Himanshi Rawat 5 years ago

Please answer anyone!!

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CBSE > Class 08 > Mathematics