question_answer 18)

                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? (Hint: Find A for 2 years if interest is compounded yearly and then find SI on the 2nd year amount for \[\frac{4}{12}\] years)

Answer:

                P = Rs 26, 400                 R = 15% p.a. \[n=2\] years  \[\therefore \]  \[A=P\,{{\left( 1+\frac{R}{100} \right)}^{n}}\] \[=26,400{{\left( 1+\frac{15}{100} \right)}^{2}}\] \[=26,400{{\left( 1+\frac{3}{20} \right)}^{2}}\] \[=26,400\,{{\left( \frac{23}{20} \right)}^{2}}\] \[=26,400\times \frac{23}{20}\,\times \frac{23}{20}\] = Rs 34, 914 S.I. on Rs 34,914 at 15% p.a. for 4 moths \[\left( i.e.,\frac{4}{12}\,\text{year},\,i.e.,\,\frac{1}{3}\,\text{years} \right)\] \[=\frac{34,914\times 15\times 1}{3\times 100}\] = Rs 1,745.70 \[\therefore \] Required amount = Rs 34,914 + Rs 1,745.70 = Rs 36,659.70 Hence, the amount that Kavita will pay is Rs 36,659.70.