Class 8 Exam > Class 8 Questions > Kavita got a loan of 25000 to purchase a lapt...
Start Learning for Free
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.?
Most Upvoted Answer
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
Attention Class 8 Students!
To make sure you are not studying endlessly, EduRev has designed Class 8 study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Class 8.
|
Explore Courses for Class 8 exam
|
|
Top Courses for Class 8View all
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.?
Question Description
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.?.
Solutions 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.? in English & in Hindi are available as part of our courses for Class 8.
Download more important topics, notes, lectures and mock test series for Class 8 Exam by signing up for free.
Here you can find the meaning of 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.? defined & explained in the simplest way possible. Besides giving the explanation of
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.?, a detailed solution 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.? has been provided alongside types of 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.? theory, EduRev gives you an
ample number of questions to practice 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.? tests, examples and also practice Class 8 tests.
|
|
Explore Courses for Class 8 exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup