Komala borrowed Rs 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?

0 votes

Komala borrowed Rs 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?

0 votes

**Rs. 36659.7**

P = Rs. 26400

Rate of Interest = 15 %

Time = 2 years and 4 months

A = P(1 + R/100)ⁿ= 26400(1 + 15/100)²= 26400*115/100*115/100 = Rs. 34914

Simple Interest = (P*R*T)/100 = (34914*15*4)/(12*100) = 2094840/1200= Rs. 1745.7

Total Amount = 34914 + 1745.7= **Rs. 36659.7**

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