Kamala borrowed ₹ 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).

Here, Principal (P) = ₹ 26,400,
Time (n) = 2 years 4 months, Rate of interest (R) = 15% p.a.
Amount for 2 years (A) = P(1+R/100)ⁿ = 26400(1+15/100)² = 26400(1+3/20)²
= 26400 (23/20)² = 26400 x 23/20 x 23/20 = ₹ 34,914
Interest for 4 months = 4/12 = 1/3 years at the rate of 15% = 1/3x 34914x15x1/100
= ₹ 1745.70
Total amount = ₹ 34,914 + ₹ 1,745.70 = ₹ 36,659.70
∴ Total amount = ₹ 34,914 + ₹ 1,745.70 = ₹ 36,659.70

Class 8 Maths Chapter 8 Exercise 8.3 Solution in Video

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https://www.tiwariacademy.com/ncert-solutions/class-8/maths/chapter-8/