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Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.?
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Kavita got a loan of 25000 to purchase a laptop. If the rate of intere...
**Solution:**
Given:
Principal amount (P) = $25000
Rate of interest (R) = 12% per annum
Compounding period (n) = Quarterly
Time period (t) = half-year
**Calculation of Amount:**
The formula to calculate the amount (A) after a certain period of time with compound interest is given by:
A = P(1 + R/n)^(nt)
Here, P = 25000, R = 12%, n = 4 (quarterly compounding), and t = 1/2 year.
Substituting the values in the formula:
A = 25000(1 + 0.12/4)^(4*(1/2))
= 25000(1 + 0.03)^2
= 25000(1.03)^2
= 25000 * 1.0609
≈ $26,522.50
Therefore, the amount Kavita pays after half a year is approximately $26,522.50.
**Calculation of Compound Interest:**
The formula to calculate compound interest (CI) is given by:
CI = A - P
Here, A = $26,522.50 and P = $25000.
Substituting the values in the formula:
CI = 26,522.50 - 25000
= $1,522.50
Therefore, the compound interest for the given period is $1,522.50.
Given:
Principal amount (P) = $25000
Rate of interest (R) = 12% per annum
Compounding period (n) = Quarterly
Time period (t) = half-year
**Calculation of Amount:**
The formula to calculate the amount (A) after a certain period of time with compound interest is given by:
A = P(1 + R/n)^(nt)
Here, P = 25000, R = 12%, n = 4 (quarterly compounding), and t = 1/2 year.
Substituting the values in the formula:
A = 25000(1 + 0.12/4)^(4*(1/2))
= 25000(1 + 0.03)^2
= 25000(1.03)^2
= 25000 * 1.0609
≈ $26,522.50
Therefore, the amount Kavita pays after half a year is approximately $26,522.50.
**Calculation of Compound Interest:**
The formula to calculate compound interest (CI) is given by:
CI = A - P
Here, A = $26,522.50 and P = $25000.
Substituting the values in the formula:
CI = 26,522.50 - 25000
= $1,522.50
Therefore, the compound interest for the given period is $1,522.50.
Community Answer
Kavita got a loan of 25000 to purchase a laptop. If the rate of intere...
14000
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Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.?
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Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.? 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 Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.?.
Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.? 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 Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kavita got a loan of 25000 to purchase a laptop. If the rate of interest is 12% p.a. compounded quarterly, find the amount she pays after half-year. Also find the compound interest for the period.?.
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