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Question

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?

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Solution

Time =2year4months=2412=213years
Amount =26400(1+15100)2(1+13×15100)26400×2320×2320×(1+120)=264002320×23202120=366597
CI=36659726400=340197

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