1
Question
Kamala borrowed Rs 26400 from a bank to buy a scooter at a rate of 15% interest p.a. compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?
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Solution
Principal (P) =26,400₹ Time (n)= 2 years 4 months
Rate of interest (R)
= 15% p.a.
Amount for 2 years (A) = P(1+R/100)^n
=26400(1+15/100)²
= 26400(1+3/20)²
= 26400(23/20)²
= 26400(23/20)×(23/20
= (264×23×23)/4= 66×23×23
= ₹34,914
Interest for 4 months= 4/12=1/3
Interest for 1/3 years at the rate of 15% = (34914×15×1)/3×100
= (34914×5)/100
= ₹ 174570/100
= ₹ 1745.70
Total amount = ₹ 34,914 + ₹ 1,745.70
= ₹ 36,659.70
The amount she will pay at the end of 2 years and 4 months to clear the loan= ₹ 36,659.70
Rate of interest (R)
= 15% p.a.
Amount for 2 years (A) = P(1+R/100)^n
=26400(1+15/100)²
= 26400(1+3/20)²
= 26400(23/20)²
= 26400(23/20)×(23/20
= (264×23×23)/4= 66×23×23
= ₹34,914
Interest for 4 months= 4/12=1/3
Interest for 1/3 years at the rate of 15% = (34914×15×1)/3×100
= (34914×5)/100
= ₹ 174570/100
= ₹ 1745.70
Total amount = ₹ 34,914 + ₹ 1,745.70
= ₹ 36,659.70
The amount she will pay at the end of 2 years and 4 months to clear the loan= ₹ 36,659.70
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