Kamala borrowed $R s 26, 400$ 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?

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Solution

Time $= 2 y e a r 4 m o n t h s = 2 \frac{4}{12} = 2 \frac{1}{3} y e a r s$
Amount $= 26400 (1 + \frac{15}{100})^{2} (1 + \frac{\frac{1}{3} \times 15}{100}) 26400 \times \frac{23}{20} \times \frac{23}{20} \times (1 + \frac{1}{20}) = 26400 \frac{23}{20} \times \frac{23}{20} \frac{21}{20} = 366597$
CI $= 366597 - 26400 = 340197$

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Kamala borrowed ₹ 26,400 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?

Q. Kamala borrowed

R s 26, 400

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? (Round answer to nearest whole number)

Kamala borrowed Rs. 26,400 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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Kamala borrowed Rs 26,400 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?

Time =2year4months=2412=213yearsAmount =26400(1+15100)2(1+13×15100)26400×2320×2320×(1+120)=264002320×23202120=366597CI=366597−26400=340197

Kamala borrowed $R s 26, 400$ 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?