Question

Kamala borrowed ₹ 26400 from a bank to buy a scooter at a rate of 15% per annum compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?

Answer 1

Kamala borrowed from bank = ₹ 26400 

Rah of interest (R) =15% 

n = 2 years

After 4 months the amount will be ₹ 34914 

∴ P = 34914; R = 15%; 

T = 4 months T 

= 4/12 year

= 1/3 year 

∴ I = PTR/100 = \(\frac{3414\,\times\,15\,\times\,\frac13}{100}\) = ₹1745.7

∴ Kamala has to pay the amount after 2 years and 4 months to the bank 

= 34914 + 1745.7 

= ₹36659.7