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Question -

Kamala borrowed ₹ 26,400 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? (Hint: Find amount for 2 years with interest is compounded yearly and then find SI on the 2nd
year amount for 4/12 years).



Answer -

Given:
P = ₹ 26,400
R = 15% p.a. compounded yearly
n = 2 years and 4 months
 
Amount after 2 years and 4 months = ₹ 34,914 + ₹ 1745.70 = ₹ 36,659.70
Hence, the amount to be paid by Kamla = ₹ 36,659.70

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