Jaydeep borrows rupees 1600000 from a bank for house construction at 12 1/2% per annum find the amount he has to pay after 1 year if the interest is calculated half yearly.?

Question

Answer

Understanding the Loan Details
Jaydeep has borrowed a principal amount of rupees 1,600,000 from a bank for house construction. The interest rate is 12.5% per annum, and it is calculated half yearly.
Half-Yearly Interest Rate Calculation
- The annual interest rate is 12.5%.
- To find the half-yearly interest rate, divide the annual rate by 2:
- Half-yearly interest rate = 12.5% / 2 = 6.25%
Calculating Interest for Half-Year Periods
- The loan duration is 1 year, which consists of 2 half-year periods.
- The interest for each half-year can be calculated using the formula:
- Interest = Principal × Rate × Time
- For the first half-year:
- Interest = 1,600,000 × 6.25% × 0.5
- Interest = 1,600,000 × 0.0625 × 0.5 = 50,000
- For the second half-year:
- Since the principal amount remains the same, the interest calculation is identical:
- Interest = 1,600,000 × 6.25% × 0.5 = 50,000
Total Interest Calculation
- Total interest for the year = Interest from first half + Interest from second half
- Total interest = 50,000 + 50,000 = 100,000
Total Amount to be Repaid
- The total amount Jaydeep has to repay after 1 year is the sum of the principal and the total interest.
- Total amount = Principal + Total interest
- Total amount = 1,600,000 + 100,000 = 1,700,000
Conclusion
After 1 year, Jaydeep has to pay a total of rupees 1,700,000 to the bank.

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