Subjective Type

Mukesh borrowed 75000 from a bank. If the rate of interest is 12% per annum, find the amount he would be paying after $$1\dfrac{1}{2}$$ years if the interest is (i) compounded annually

Solution

Given

Money borrowed (P) = Rs 75000

Rate (R) = 12% p.a. or 6% half- yearly

Period (n) = $$1\dfrac{1}{2}$$years or 3 half-years

(i) When the interest compounded yearly

Amount (A) = P {1 + (R / 100)}$$^n$$

= Rs 75000 {1 + (12 / 100)} {1 + (6 / 100)}

= Rs 75000 × (28 / 25) × (53 / 50)

On simplification, we get,

= Rs 89040

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