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Ex 8.3, 2 - Kamala borrowed Rs 26,400 from a Bank to buy a scooter at

Ex 8.3, 2 - Chapter 8 Class 8 Comparing Quantities - Part 2
Ex 8.3, 2 - Chapter 8 Class 8 Comparing Quantities - Part 3 Ex 8.3, 2 - Chapter 8 Class 8 Comparing Quantities - Part 4 Ex 8.3, 2 - Chapter 8 Class 8 Comparing Quantities - Part 5 Ex 8.3, 2 - Chapter 8 Class 8 Comparing Quantities - Part 6 Ex 8.3, 2 - Chapter 8 Class 8 Comparing Quantities - Part 7

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Question 2 Kamala borrowed Rs 26,400 from a Bank to buy a scooter at a rate of 15% p.a. compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan? (Hint: Find A for 2 years with interest is compounded yearly and then find SI on the 2nd year amount for 4/12 years). Given, Principal (P) = 26400 Rate (R) = 15% p.a Time (n) = 2 Years 4 Months = 2 4/12 years = 21/3 years Since n is in fraction We use the formula Compound interest for 2 1/3 years = Compound Interest for 2 years + Simple interest for the next 1/3 years Compound interest for 2 years Principal = 26,400 Rate = 15% Time (n) = 2 Amount = P (1+𝑅/100)^𝑛 = 26400 (1+15/100)^2 = 26400 ((100 + 15)/100)^2 = 26400 (115/100)^2 = 26400 × ((115 × 115)/(100 ×100))^2 = 264 × 13225/100 = (264 × 13225)/100 = 3491400/100 = 34914 ∴ Amount = Rs 34914 Now, Amount = Principal + Interest 34914 = 26400 + Interest 34914 − 26400 = Interest 8514 = Interest ∴ Interest = 8514 ∴ Interest for 2 years = Rs 8514 & Amount after 2 years = Rs 34914 Simple interest for next 𝟏/𝟑 year Principal will be the amount after 1 year P = Rs 34914 R = 15% p.a T = 1/3 years SI = 𝑃𝑅𝑇/100 = (34914 × 15 × 1/3 )/100 = (34914 ×15)/(100 × 3) = (34914 × 5)/100 = 34914/20 = 17457/10 = 1745.7 ∴ Simple interest for 1/3 years = Rs 1745.7 Now, Compound Interest for 2 1/3 years = Compound Interest for 2 years + Simple interest for 1/3 year = 8514 + 1745.7 = 10259.7 Now, Amount = Principal + interest = 26400 + 10259.7 = 36659.70 ∴ Kamala will Pay Rs 36659.70 to the Bank.

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Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 13 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.