Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him
Solution:
The Amount A to be paid back after one year will be A = P(1 + (r/2)(1/100))²
A = 10,24,000(1 + (5/2)(1/100)²
A = 10,24,000(1 + 0.025)²
A = 10,24,000(1.025)²
A = 10,24,000(1.050625)
A = Rs. 10,75,840
Interest Paid = Rs.10,75,840 - Rs. 10,24,000 = Rs. 51,840
✦ Try This: Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded annually, what amount will he have to pay after the given time period. Also, find the interest paid by him.
The Amount A to be paid back after one year will be A = P(1 + r/100)¹
A = 10,24,000(1 + (5/100)¹
A = 10,24,000(1 + 0.05)¹
A = 10,24,000(1.05)¹
A = 10,24,000(1.05)
A = Rs. 10,75,200
☛ Also Check: NCERT Solutions for Class 8 Maths
NCERT Exemplar Class 8 Maths Chapter 9 Problem 104
Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him
Summary:
Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, the amount will he have to pay after the given time period will be Rs. 10,75,840 and the the interest paid by him will be Rs. 51,840
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