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What amount will she pay at the end of 2 years and 4 months to clear the loan?

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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?

posted Feb 14, 2020 by Prithvi

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1 Answer

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Rs. 36659.7

P = Rs. 26400 
Rate of Interest = 15 %
Time = 2 years and 4 months

Compounded interest for 2 years

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

Simple Interest for 4 months

Simple Interest = (P*R*T)/100 = (34914*15*4)/(12*100) = 2094840/1200= Rs. 1745.7
Total Amount = 34914 + 1745.7= Rs. 36659.7

answer Feb 14, 2020 by Hanifa Mammadov

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