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Q.

Wahida borrowed Rs. 25000 for 1 year 5 months at 12% per annum compounded yearly. Find the amount Wahida paid to settle the account.


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a

₹ 28000

b

₹ 29400

c

₹ 32000

d

₹ 36400 

answer is B.

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Detailed Solution

After one year interest will be added to the loan amount.
The total amount after one year will be,
A=P1+R100n=250001+121001=25000112100=28000
The interest of 5 months is 28000×12×512100=1400
Total amount after 1 year and 5 month is 28000 + 1400 = Rs 29400.
  
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