Kamala borrowed Rs 26400 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? (Hint: Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for years.)

Asked by Last Modified  

Follow 1
Answer

Please enter your answer

Principal (P) = Rs 26,400 Rate (R) = 15% per annum Number of years (n) = The amount for 2 years and 4 months can be calculated by first calculating the amount for 2 years using the compound interest formula, and then calculating the simple interest for 4 months on the amount obtained at the end of 2...
read more
Principal (P) = Rs 26,400 Rate (R) = 15% per annum Number of years (n) = The amount for 2 years and 4 months can be calculated by first calculating the amount for 2 years using the compound interest formula, and then calculating the simple interest for 4 months on the amount obtained at the end of 2 years. Firstly, the amount for 2 years has to be calculated. By taking Rs 34,914 as principal, the S.I. for the nextwill be calculated. Interest for the first two years = Rs (34914 − 26400) = Rs 8,514 And interest for the nextyear = Rs 1,745.70 Total C.I. = Rs (8514 + Rs 1745.70) = Rs 10,259.70 Amount = P + C.I. = Rs 26400 + Rs 10259.70 = Rs 36,659.70 read less
Comments

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Recommended Articles

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

Quality education does not only help children to get a successful career and life, but it also hugely contributes to society. The formal education of every child starts from school. Although there are numerous schools, parents find it challenging to choose the right one that would fit their child. It is difficult for them...

Read full article >

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

Learning for every child starts from a very young age. While the formal methods include school curriculums and private lessons, the informal methods include dancing, music, drawing, and various fun-filling activities. Playing games and practising these types of activities helps the children get out of boredom and...

Read full article >

Looking for Class 8 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you