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Question

# Kamala borrowed ₹ 26,400 from a bank to buy a scooter at a rate of 15% interest per annum compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?

A

₹ 36659.7

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B
₹ 46659.7
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C
₹ 36660
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D
₹ 37545
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Solution

## The correct option is A ₹ 36659.7 Time is 2 years and 4 months = 28 months or 213 years Principal, P = ₹ 26400 Rate of interest, r=15% First we will calculate the compound interest for 2 years Amount, A=P[1+r100]n =26400[1+15100]2 =26400[1+320]2 =26400[2320]2 = ₹ 34914 Taking this amount as principal, now we will calculate simple interest on ₹ 34914 for 13 years​. Simple interest, S.I.=34914×15100×13=₹ 1745.7 Therefore, total amount to be paid in order to clear the loan is ₹ 34914 + ₹ 1745.7 = ₹ 36659.7

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