Q. 24.2( 275 Votes )

# Kamala borrowed Rs 26,400 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?

Answer :

**Given: ****Principal (P) = Rs. 26,400**

**Time (n) = 2 years 4 months = 2 years + 4/12 years = 7/3 years****Rate of interest (R) = 15% p.a.**

***Concept: Since the interest is compounded annually so the amount for 2 years and 4 months can be calculated as finding the compound interest for 2 years and then calculating simple interest for 4 months on the amount obtained after 2 years. *

Thus, the amount for 2 years (A), will be given as:

On putting the values in the formula, we get,

=

=

=₹ 34,914

And at the rate of 15% p.a, for time = 4 months = , and also the Principal will be the previous Amount obtained after 2 years = Rs. 34, 914

Simple Interest = = ₹ 1745.70

Therefore, the total amount = 34,914 + 1745.70 = ₹ 36,659.70

Thus, Kamala will pay Rs. 36,659.70 at the end of 2 years and 4 months to clear the loan.

Rate this question :

Find the amount and the compound interest on Rs. 6000 for 1 year at 10% per annum compounded half-yearly.

RS Aggarwal - MathematicsA scooter is bought for Rs. 32000. Its value depreciates at 10% per annum. What will be its value after 2 years?

RS Aggarwal - MathematicsThe sum that amounts to Rs.4913 in 3 years at (25/4)% per annum compounded annually, is

RS Aggarwal - MathematicsThe difference between the compound interest and simple interest on a certain sum for 2 years at 7.5% per annum is Rs. 360. Find the sum.

RD Sharma - MathematicsThe annual rate of growth in population of a town is 5%. If its present population is 4000, what will be its population after 2 years?

RS Aggarwal - MathematicsFind the amount and the compound interest on Rs. 3000 for 2 years at 10% per annum.

RS Aggarwal - Mathematics