Mathematics College

Ram borrowed Rs. 250000 from sit a at the rate of 21%: per annum. At the end of monts, how much should he pay compounde à half yearly ?

Answers

Answer 1

The end of 6 months, Ram should pay Rs. 276250 compounded half-yearly.

Ram borrowed Rs. 250000 from Sit at an interest rate of 21% per annum. To calculate the compound interest, we need to know the compounding period. In this case, the interest is compounded half-yearly, which means it is calculated twice a year.

To find out how much Ram should pay at the end of 6 months, we can use the compound interest formula:

A = P(1 + r/n)^(nt)

Where:
A = the amount to be paid at the end of the time period
P = the principal amount (the initial amount borrowed) = Rs. 250000
r = the interest rate per period (in decimal form) = 21% = 0.21
n = the number of compounding periods per year = 2 (since it's compounded half-yearly)
t = the number of years = 6 months = 6/12 = 0.5 years

Plugging in these values into the formula, we get:

A = 250000(1 + 0.21/2)^(2*0.5)

Simplifying the equation:

A = 250000(1 + 0.105)^(1)

A = 250000(1.105)

A = Rs. 276250

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