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Question
Rachna borrows Rs. 12,000 at 10 percent per annum interest compounded half-yearly. She repays Rs. 4,000 at the end of every six months. Calculate the third payment she has to make at end of 18 months in order to clear the entire loan.
Solution
For 1st half - year :
P = Rs. 12,000; R = 10 % and T = `1/2` year
Interest = Rs. `[12,000 xx 10 xx 1]/[100 xx 2]` = Rs. 600
Amount = Rs. 12,000 + Rs. 600 = Rs. 12,600
Money paid at the end of 1st half year = Rs. 4,000
Balance money for 2nd half-year = Rs. 12,600 - Rs. 4,000 = Rs. 8,600
For 2nd half - year :
P = Rs. 8,600; R = 10% and T = `1/2` year
Interest = Rs. `[ 8,600 xx 10 xx 1]/[100 xx 2]` =Rs. 430
Amount = Rs. 8,600 + Rs. 430 = Rs. 9,030
Money paid at the end of 2nd half-year = Rs. 4,000
Balance money for 3rd half - year = Rs. 9,030 - Rs. 4,000 = Rs. 5,030
For 3rd half-year
P = Rs. 5,030; R = 10% and T = `1/2` year
Interest = Rs. `[5,030 xx 10 xx 1]/[100 xx 2]` = Rs. 251.50
Amount = Rs. 5,030 + Rs. 251.50 = Rs. 5,281.50
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