Question

Aditya borrowed ₹ 30,000 from a bank to buy a Washing machine at a rate of 10% interest p.a. compounded yearly. What amount will he pay at the end of 2 years and 4 months to clear the loan?

A

₹ 38,510

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B

₹ 42,510

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C

₹ 35,510

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D

₹ 37,510

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Solution

The correct option is D ₹ 37,510 Time is 2 years and 4 months = 28 months or 2 + 13 years First we will calculate the compound interest for 2 years A = [1+R100]n A = 30,000 [1+10100]2 A = 30,000 [1110]2 A = ₹ 36,300 Taking this amount as principal, now we will calculate simple interest on ₹ 36,300 for 13 years. SI = 36,300 × 10100 × 13 = ₹ 1210 Therefore, total amount to be paid in order to clear the loan is ₹ 36,300 + ₹ 1210 = ₹ 37,510

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