Q. 1043.7( 3 Votes )

# Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him.

Answer :

Given, Amount borrowed by Rahim (P) = 1024000 with a

time period (T) = 1 yr.

Also, Rate of interest (R) = 5% per annum compounded

half-yearly.

Let Amount = A

Now, for interest compounded half-yearly

⇒ A =

Since, In half-yearly and T = 2T

⇒ A =

=

=

=

= 640 x 41 x 41

= Rs.1075840

Now, we know Compund interest,CI = Amount-Principle

⇒ CI = 1075840-1024000

= RS. 51840

Hence, interest paid by him is RS.51840

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