Q11 of 48 Page 118

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,




= 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


More from this chapter

All 48 →