Advertisements
Advertisements
Question
A man borrowed Rs.16,000 for 3 years under the following terms:
20% simple interest for the first 2 years.
20% C.I. for the remaining one year on the amount due after 2 years, the interest being compounded half-yearly.
Find the total amount to be paid at the end of the three years.
Solution
For the first 2 years
S.I. = `[ "P" xx "N" xx "R"]/100`
⇒ S.I. = `[ 16,000 xx 2 xx 20 ]/100` ⇒ S.I. = 6,400
Amount = S.I. + P
⇒ Amount = 6,400 + 16,000 = Rs. 22,400
Amount in the account at the end of the two years is Rs.22,400.
For the remaining one year
A = `P( 1 + r/[ 2 xx 100 ])^( n xx 2)`
⇒ A = `22,400( 1 + 20/200 )^2`
⇒ A = `22,400( 11/10 )^2`
⇒ A = 27,104
The total amount to be paid at the end of the three years is Rs. 27,104.
APPEARS IN
RELATED QUESTIONS
What sum of money will amount to Rs. 27,783 in one and a half years at 10% per annum compounded half yearly ?
Calculate the C.I. on Rs. 3,500 at 6% per annum for 3 years, the interest being compounded half-yearly.
Do not use mathematical tables. Use the necessary information from the following:
(1.06)3 =1.191016; (1.03)3 = 1.092727
(1.06)6 =1.418519; (1.03)6 = 1.194052
Find the difference between compound interest and simple interest on Rs.12,000 and in `1 1/2` years at 10% compounded yearly.
Find the difference between compound interest and simple interest on Rs. 12,000 and in `1 1/2` years at 10% compounded half-yearly.
Find the amount and the compound interest payable annually on the following :
Rs.24000 for 1`(1)/(2)` years at 7`(1)/(2)`% per annum.
[Hint : 1 year 146 days = `1(146)/(365)"year" = 1(2)/(5)"year"`]
A man lends Rs 15000 at 10.5% per annum C.I., interest reckoned yearly, and another man lends the same sum at 10% per annum, interest being reckoned half-yearly. Who is the gainer at the end of one year and by how much?
A man borrows Rs.6500 at 10% per annum compound interest payable half-yearly. He repays Rs.2000 at the end of every six months. Calculate the amount outstanding at the end of the third payment. Give your answer to the nearest rupee.
Find the amount and the compound interest on the following :
Rs.15000 for 2years at 8% per annum compounded semi-annually.
Find the amount and the compound interest on the following :
Rs.25000 for 2 years at 6% per annum compounded semi-annually.
Find the amount and compound interest on Rs.50000 on 1`(1)/(2)` years at 8% p.a. compounded half-yearly.
