Question 5 - Compound Interest compounded half yearly - Chapter 7 Class 8 Comparing Quantities

Last updated at April 16, 2024 by

Example 12 - What amount is to be repaid on a loan of Rs 12000 for

Example 12 - Chapter 8 Class 8 Comparing Quantities - Part 2
Example 12 - Chapter 8 Class 8 Comparing Quantities - Part 3

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Question 5 What amount is to be repaid on a loan of Rs 12000 for 1 1/2 years at 10% per annum compounded half yearly. Given Principal = Rs 12000 Here, rate is compounded half yearly. Rate of interest = R = 10/2 % = 5 % & Time = 1 1/2 years = 3/2 years = 3/2 × 2 half years = 3 Amount = P (1+𝑅/100)^𝑛 = 12000 (1+5/100)^3 = 12000 (1+1/20)^3 = 12000 ((20 + 1)/20)^3 = 12000 (21/20)^3 = 12000 × 21/20 × 21/20 × 21/20 = 12 × 21/2 × 21/2 × 21/2 = 3 × 21 × 21 × 21/2 = (63 × 441)/2 = 27783/2 = 13891.5 ∴ Amount = Rs 13,891.50

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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science and Computer Science at Teachoo