Kamal borrowed Rs. 57600 from LIC against her policy at $12 \frac{1}{2} %$ per annum to build a house. Find the amount that she pays to LIC after $1 \frac{1}{2}$ years if the interest is calculated half - yearly.

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Solution

Amount of loan (P) = Rs. 57600
Rate (R) $= 12 \frac{1}{2} % p . a$ or $\frac{25}{4} %$ half yearly.
Period (n) = $1 \frac{1}{2}$ years or 3 half years
$∴$ Amount (A) = $P {(1 + \frac{R}{100})}^{n}$
$= R s . 57600 {(1 + \frac{25}{100 \times 4})}^{3}$
$= R s . 57600 {(\frac{17}{16})}^{3}$
$= R s . 57600 \times \frac{17}{16} \times \frac{17}{16} \times \frac{17}{16}$
= Rs. 69089.06

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Kamal borrowed Rs. 57600 from LIC against her policy at $12 \frac{1}{2} %$ per annum to build a house. Find the amount that she pays to LIC after $1 \frac{1}{2}$ years if the interest is calculated half - yearly.