ICSE Class 10 Answered
A sum of Rs 2,400 is borrowed at a half-yearly compound interest rate of 6.25%
1. find the amount of the debt at the end of one year
2. find the amount of money required to clear off the debt after 1.5 years
Asked by zeeshan ali | 11 Nov, 2012, 03:51: PM
Expert Answer
Amount to be paid after 1 year
=actual amount (1+rate/100)^time
=2400(1+6.25/100)^2
=2709.375
For amount required after 1.5 year to clear of the debt=2400(1+6.25/100)^3
=2400(17/16)^3
=2878.7109
Answered by | 18 Nov, 2012, 07:47: PM
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