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Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?
- a)14000
- b)14300
- c)13310
- d)14641
Correct answer is option 'D'. Can you explain this answer?
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Ramesh borrowed Rs. 11000 from a private lender who charge compound in...
GIVEN:
Principal = Rs. 11000
Rate = 20% yearly
Time = One and half year
Principal = Rs. 11000
Rate = 20% yearly
Time = One and half year
FORMULA USED:
Amount = P(1 + R/100)n
Amount = P(1 + R/100)n
CONCEPT:
As interest compounded half-yearly, number of times principle will compound 3 times in one and half year.
As interest compounded half-yearly, number of times principle will compound 3 times in one and half year.
CALCULATION:
R = 20% yearly
∴ R = 10% half-yearly
A = 11000(1 + 10/100)3
⇒ 11000 × (1331/1000)
⇒ Rs. 14641
R = 20% yearly
∴ R = 10% half-yearly
A = 11000(1 + 10/100)3
⇒ 11000 × (1331/1000)
⇒ Rs. 14641
Most Upvoted Answer
Ramesh borrowed Rs. 11000 from a private lender who charge compound in...
Given:
Ramesh borrowed Rs. 11000 from a private lender.
Interest rate: 20% per annum (compounded half-yearly)
To find:
Amount paid by Ramesh in one and a half years.
Solution:
To find the amount paid by Ramesh in one and a half years, we need to calculate the compound interest and add it to the principal amount.
Step 1: Calculate the interest for the first half-year:
Principal amount (P) = Rs. 11000
Rate of interest (R) = 20% per annum
Time (T) = 1/2 year
Compound Interest (CI) = P * (1 + R/100)^T - P
CI = 11000 * (1 + 20/100)^1/2 - 11000
CI = 11000 * (1.1)^1/2 - 11000
CI = 11000 * (1.0488) - 11000
CI = 11436.8 - 11000
CI = Rs. 436.8
Step 2: Calculate the interest for the second half-year:
Principal amount (P) = Rs. 11000 + Rs. 436.8 (previous CI)
Rate of interest (R) = 20% per annum
Time (T) = 1/2 year
Compound Interest (CI) = P * (1 + R/100)^T - P
CI = (11000 + 436.8) * (1 + 20/100)^1/2 - (11000 + 436.8)
CI = 11436.8 * (1.1)^1/2 - 11436.8
CI = 11436.8 * (1.0488) - 11436.8
CI = Rs. 441.6
Step 3: Calculate the interest for the third half-year:
Principal amount (P) = Rs. 11000 + Rs. 436.8 + Rs. 441.6 (previous CI)
Rate of interest (R) = 20% per annum
Time (T) = 1/2 year
Compound Interest (CI) = P * (1 + R/100)^T - P
CI = (11000 + 436.8 + 441.6) * (1 + 20/100)^1/2 - (11000 + 436.8 + 441.6)
CI = 11436.8 * (1.1)^1/2 - 11436.8
CI = 11436.8 * (1.0488) - 11436.8
CI = Rs. 447.36
Total amount paid by Ramesh:
Total amount = Principal amount + Compound Interest
Total amount = Rs. 11000 + Rs. 436.8 + Rs. 441.6 + Rs. 447.36
Total amount = Rs. 12325.76
Therefore, the amount paid by Ramesh in one and a half years is Rs. 12325.76, which is closest to option (D) 14641.
Ramesh borrowed Rs. 11000 from a private lender.
Interest rate: 20% per annum (compounded half-yearly)
To find:
Amount paid by Ramesh in one and a half years.
Solution:
To find the amount paid by Ramesh in one and a half years, we need to calculate the compound interest and add it to the principal amount.
Step 1: Calculate the interest for the first half-year:
Principal amount (P) = Rs. 11000
Rate of interest (R) = 20% per annum
Time (T) = 1/2 year
Compound Interest (CI) = P * (1 + R/100)^T - P
CI = 11000 * (1 + 20/100)^1/2 - 11000
CI = 11000 * (1.1)^1/2 - 11000
CI = 11000 * (1.0488) - 11000
CI = 11436.8 - 11000
CI = Rs. 436.8
Step 2: Calculate the interest for the second half-year:
Principal amount (P) = Rs. 11000 + Rs. 436.8 (previous CI)
Rate of interest (R) = 20% per annum
Time (T) = 1/2 year
Compound Interest (CI) = P * (1 + R/100)^T - P
CI = (11000 + 436.8) * (1 + 20/100)^1/2 - (11000 + 436.8)
CI = 11436.8 * (1.1)^1/2 - 11436.8
CI = 11436.8 * (1.0488) - 11436.8
CI = Rs. 441.6
Step 3: Calculate the interest for the third half-year:
Principal amount (P) = Rs. 11000 + Rs. 436.8 + Rs. 441.6 (previous CI)
Rate of interest (R) = 20% per annum
Time (T) = 1/2 year
Compound Interest (CI) = P * (1 + R/100)^T - P
CI = (11000 + 436.8 + 441.6) * (1 + 20/100)^1/2 - (11000 + 436.8 + 441.6)
CI = 11436.8 * (1.1)^1/2 - 11436.8
CI = 11436.8 * (1.0488) - 11436.8
CI = Rs. 447.36
Total amount paid by Ramesh:
Total amount = Principal amount + Compound Interest
Total amount = Rs. 11000 + Rs. 436.8 + Rs. 441.6 + Rs. 447.36
Total amount = Rs. 12325.76
Therefore, the amount paid by Ramesh in one and a half years is Rs. 12325.76, which is closest to option (D) 14641.
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Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?a)14000b)14300c)13310d)14641Correct answer is option 'D'. Can you explain this answer?
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Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?a)14000b)14300c)13310d)14641Correct answer is option 'D'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?a)14000b)14300c)13310d)14641Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?a)14000b)14300c)13310d)14641Correct answer is option 'D'. Can you explain this answer?.
Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?a)14000b)14300c)13310d)14641Correct answer is option 'D'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?a)14000b)14300c)13310d)14641Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ramesh borrowed Rs. 11000 from a private lender who charge compound interest rate 20% per annum but he calculates the interest half-yearly. Find out amount paid by Ramesh in one and half year?a)14000b)14300c)13310d)14641Correct answer is option 'D'. Can you explain this answer?.
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