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Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years
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Kamala borrowed RS 26400 from a bank to buy a scooter at a rate of 15%...
Calculation of Amount to be Paid at the end of 2 years and 4 months:
Given:
Principal amount (P) = Rs 26400
Rate of interest (R) = 15% p.a.
Time (T) = 2 years and 4 months
Step 1: Calculate the amount after 2 years with interest compounded yearly
Using the compound interest formula: A = P(1 + R/100)^T
Substituting the given values:
P = Rs 26400
R = 15% = 15/100 = 0.15
T = 2 years
A = 26400(1 + 0.15)^2
A = 26400(1.15)^2
A = 26400(1.3225)
A = Rs 34,869
Therefore, the amount after 2 years with interest compounded yearly is Rs 34,869.
Step 2: Calculate the simple interest on the 2nd year amount for 4 months
Using the formula for simple interest: SI = PRT/100
Substituting the given values:
P = Rs 34,869 (amount after 2 years)
R = 15% = 15/100 = 0.15
T = 4 months = 4/12 years = 1/3 years
SI = 34869 * 0.15 * (1/3)
SI = Rs 1743.45
Therefore, the simple interest on the 2nd year amount for 4 months is Rs 1743.45.
Step 3: Calculate the total amount to be paid
Total amount = Amount after 2 years + Simple interest on the 2nd year amount for 4 months
Total amount = Rs 34,869 + Rs 1,743.45
Total amount = Rs 36,612.45
Therefore, Kamala will have to pay Rs 36,612.45 at the end of 2 years and 4 months to clear the loan.
Given:
Principal amount (P) = Rs 26400
Rate of interest (R) = 15% p.a.
Time (T) = 2 years and 4 months
Step 1: Calculate the amount after 2 years with interest compounded yearly
Using the compound interest formula: A = P(1 + R/100)^T
Substituting the given values:
P = Rs 26400
R = 15% = 15/100 = 0.15
T = 2 years
A = 26400(1 + 0.15)^2
A = 26400(1.15)^2
A = 26400(1.3225)
A = Rs 34,869
Therefore, the amount after 2 years with interest compounded yearly is Rs 34,869.
Step 2: Calculate the simple interest on the 2nd year amount for 4 months
Using the formula for simple interest: SI = PRT/100
Substituting the given values:
P = Rs 34,869 (amount after 2 years)
R = 15% = 15/100 = 0.15
T = 4 months = 4/12 years = 1/3 years
SI = 34869 * 0.15 * (1/3)
SI = Rs 1743.45
Therefore, the simple interest on the 2nd year amount for 4 months is Rs 1743.45.
Step 3: Calculate the total amount to be paid
Total amount = Amount after 2 years + Simple interest on the 2nd year amount for 4 months
Total amount = Rs 34,869 + Rs 1,743.45
Total amount = Rs 36,612.45
Therefore, Kamala will have to pay Rs 36,612.45 at the end of 2 years and 4 months to clear the loan.
Community Answer
Kamala borrowed RS 26400 from a bank to buy a scooter at a rate of 15%...
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Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years
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Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years.
Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kamala borrowed RS 26400 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? (HINT:Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4 apoun 12 years.
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