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Question

# 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?

A
Rs.36659.7
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B

Rs. 46659.7

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C

Rs. 36660

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D

Rs. 37545

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Solution

## The correct option is A Rs.36659.7Time is 2 years and 4 months = 28 months or 2 + 13 years First, we will calculate the compound interest for 2 years. A=[1+R100]n A=Rs.26400[1+15100]2 A=Rs.34914 Taking this amount as principal, now we will calculate the simple interest on Rs.34914 for 13 years. SI = Rs.34914×15100×13=Rs.1745.7 Therefore, the total amount to be paid in order to clear the loan = Rs.34914+Rs.1745.7=Rs.36659.7

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