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Arif took a loan of ₹ 80,000 from a bank. If the rate of interest is 10% per annum, find the difference in amounts he would be paying after 1whole 𝟏/𝟐 years if the interest is Compounded half yearly

Arif took a loan of ₹ 80,000 from a bank. If the rate of interest is 10% per annum, find the difference in amounts he would be paying after 1whole 𝟏/𝟐 years if the interest is 
Compounded half yearly

Grade:12

1 Answers

Harshit Singh
askIITians Faculty 5963 Points
8 months ago
Dear Student

The interest is compounded half yearly.
Rate = 10% per annum = 5% per half year
There will be three half years in 1 whole 1/2years.
Amount, A =P (1 +R/100 )^n
=₹ [8000(1+5/100 )^3]
=₹ [8000 × (105/100)^3]
=₹92610
Difference between the amounts =₹ 92,610 − ₹92,400 =₹210​
​
​Thanks

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