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Q.

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?


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a

Rs 36600

b

Rs 36620

c

Rs 36640

d

Rs 36660 

answer is D.

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Detailed Solution

Given that:
Principal P=Rs 26,400, Rate =15%  per annum and number of years =2 4 12  .
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.
For the calculating the amount of first 2 years,
Amount=principal 1+ R 100 Time   
⇒Amount=26400 (1+ 15 100 ) 2    ⇒Amount=Rs.34914  .
Find the interest:
Now, the interest for the next 1 3   years will be calculated using simple interest.
S.I= P×R×T 100    ⇒S.I= 34914×15× 1 3 100  
⇒S.I=Rs.1745.70  .
Therefore, the total amount to be paid after 2   years and 4  months
⇒Total=34,914+1,745.70  
⇒Total=Rs.36,659.70   The total amount paid after 2 years and 4 month is Rs 36,660.
Therefore, the answer is option (4).
 
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