Question

Kamala borrowed Rs. 26400 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?

• A. Rs.36659.7
• B. Rs.35569.7
• C. Rs.46659.7
• D. Rs.45569.7

Answer 1

The correct option is A

Rs.36659.7

Amount = Principal $(1+\frac{r}{100}{)}^n$. Here $P=Rs26400,R=15,n$ = 2 years and 4 months = 2.333 years.
Amount for 2 years and 4 months = $26400(1+\frac{15}{100}{)}^{2.333}=Rs36659.7$