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Question
Abha purchased a house from Avas Parishad on credit. If the cost of the house is Rs 64000 and the rate of interest is 5% per annum compounded half-yearly, find the interest paid by Abha after one year and a half.
Solution
Given:
P = Rs 64, 000
R = 5 % p . a .
n = 1 . 5 years
When the interest is compounded half - yearly, we have:
\[A = P \left( 1 + \frac{R}{200} \right)^{2n} \]
= Rs \[64, 000 \left( 1 + \frac{5}{200} \right)^3 \]
= Rs \[64, 000 \left( 1 . 025 \right)^3 \]
= Rs 68, 921
Also,
CI = A - P
= Rs 68, 921 - Rs 64, 000
= Rs 4, 921
Thus, the required interest is Rs 4, 921.
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