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Compounded Rate Half Yearly and Monthly

What amount i...

Question

What amount is to be repaid on a loan of Rs. 12,000 for 1 and half years at $10 %$ per annum compounded half yearly? [3 MARKS]

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Solution

Formula : 1 Mark
Application : 1 Mark
Calculation : 1 Mark

Principal for first 6 months = Rs. 12,000

There are 1 and half years. So, compounding will be done 3 times.

Rate of interest
$= H a l f o f 10 % = 5 % h a l f y e a r l y$

$A = P \times {[1 + \frac{R}{100}]}^{n}$

$A = R s . 12000 \times {[1 + \frac{5}{100}]}^{3}$

$A = R s . 12000 \times \frac{21}{20} \times \frac{21}{20} \times \frac{21}{20}$

$A = R s . 13, 891.50$

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