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Kamal borrowed ₹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.
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Kamal borrowed ₹26400 from a bank to buy a scooter at a rate of 15%p.a...
Principal (P) = Rs. 26,400,
Time (n) = 2 years 4 months = 2 years 4/12 months = 2 1/3 years
Rate of interest (R) = 15% p.a.
Amount for 2 years (A) = P [(1+r/100)n]
For 2 years,
A = 26400 [1 + 15/100]2
= 26400 [1 + 3/20] 2
= 26400 [23/20] 2
= 26400 x 23/20 x 23/20
= Rs. 34914
For 1/3 years, T = 1/3 years, rate = 15%, P = 34914
Intrest = 34914 X 1 X 15/3X100
= Rs 1745.70
Therefore, Total amount = Rs. 34,914 + Rs. 1,745.70
= Rs 36,659.70
Answer - At the end of 2 years and 4 months to clear to loan Kamala will pay Rs 36,659.70
This question is part of UPSC exam. View all Class 8 courses
Most Upvoted Answer
Kamal borrowed ₹26400 from a bank to buy a scooter at a rate of 15%p.a...
Loan Details:
- Principal amount: ₹26,400
- Rate of interest: 15% per annum
- Compounding: Annually
Time Period:
- 2 years and 4 months
Calculation:
To calculate the amount Kamal will have to pay at the end of the loan period, we need to calculate the compound interest using the formula:
A = P(1 + r/n)^(nt)
Where:
A = Final amount
P = Principal amount
r = Rate of interest
n = Number of times interest is compounded per year
t = Time period in years
Step 1: Convert months into years
As the given time period is in months, we need to convert it into years. There are 12 months in a year, so 4 months is equal to 4/12 = 1/3 years.
Step 2: Calculate the final amount
Using the compound interest formula, we can calculate the final amount Kamal will have to pay:
A = ₹26,400(1 + 0.15/1)^(1*(2 + 1/3))
Step 3: Solve the equation
A = ₹26,400(1 + 0.15)^(2 + 1/3)
A = ₹26,400(1.15)^(7/3)
Step 4: Simplify the exponent
To simplify the exponent, we can rewrite it as a fraction:
7/3 = 2 + 1/3
Step 5: Calculate the exponent
Using the property of exponents, we can calculate the exponent:
(1.15)^(2 + 1/3) = (1.15)^2 * (1.15)^(1/3)
Step 6: Calculate the final amount
Now, we can calculate the final amount Kamal will have to pay:
A = ₹26,400(1.15)^2 * (1.15)^(1/3)
Step 7: Evaluate the calculations
Using a calculator or software, we can evaluate the exponent and calculate the final amount:
A ≈ ₹26,400(1.3225) * (1.046)
Step 8: Calculate the final amount Kamal will have to pay
A ≈ ₹26,400 * 1.38467
Step 9: Round off the final amount
A ≈ ₹36,527.01
Answer:
Kamal will have to pay approximately ₹36,527.01 at the end of 2 years and 4 months to clear the loan.
- Principal amount: ₹26,400
- Rate of interest: 15% per annum
- Compounding: Annually
Time Period:
- 2 years and 4 months
Calculation:
To calculate the amount Kamal will have to pay at the end of the loan period, we need to calculate the compound interest using the formula:
A = P(1 + r/n)^(nt)
Where:
A = Final amount
P = Principal amount
r = Rate of interest
n = Number of times interest is compounded per year
t = Time period in years
Step 1: Convert months into years
As the given time period is in months, we need to convert it into years. There are 12 months in a year, so 4 months is equal to 4/12 = 1/3 years.
Step 2: Calculate the final amount
Using the compound interest formula, we can calculate the final amount Kamal will have to pay:
A = ₹26,400(1 + 0.15/1)^(1*(2 + 1/3))
Step 3: Solve the equation
A = ₹26,400(1 + 0.15)^(2 + 1/3)
A = ₹26,400(1.15)^(7/3)
Step 4: Simplify the exponent
To simplify the exponent, we can rewrite it as a fraction:
7/3 = 2 + 1/3
Step 5: Calculate the exponent
Using the property of exponents, we can calculate the exponent:
(1.15)^(2 + 1/3) = (1.15)^2 * (1.15)^(1/3)
Step 6: Calculate the final amount
Now, we can calculate the final amount Kamal will have to pay:
A = ₹26,400(1.15)^2 * (1.15)^(1/3)
Step 7: Evaluate the calculations
Using a calculator or software, we can evaluate the exponent and calculate the final amount:
A ≈ ₹26,400(1.3225) * (1.046)
Step 8: Calculate the final amount Kamal will have to pay
A ≈ ₹26,400 * 1.38467
Step 9: Round off the final amount
A ≈ ₹36,527.01
Answer:
Kamal will have to pay approximately ₹36,527.01 at the end of 2 years and 4 months to clear the loan.
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Kamal borrowed ₹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.
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Kamal borrowed ₹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. 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 Kamal borrowed ₹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. covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kamal borrowed ₹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..
Kamal borrowed ₹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. 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 Kamal borrowed ₹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. covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kamal borrowed ₹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..
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