Kamala 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?
Principal (P) = 26400
Rate of interest (R) = 15%
Time period (T) = 2 years and 4 months
Amount for 2 years,
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= 26400×1.152
= Rs. 34914
∴ Amount for 2 year = Rs. 34914
Interest for remaining 4 months = ![]()
= 1745.70
∴ Total amount for 2 years and 4 months = Rs. 34914 + 1745.70
= Rs. 36659.70
∴ The total amount to clear the loan is Rs. 36659.70
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