# Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him

**Solution: **

The Amount A to be paid back after one year will be A = P(1 + (r/2)(1/100))²

A = 10,24,000(1 + (5/2)(1/100)²

A = 10,24,000(1 + 0.025)²

A = 10,24,000(1.025)²

A = 10,24,000(1.050625)

A = Rs. 10,75,840

Interest Paid = Rs.10,75,840 - Rs. 10,24,000 = Rs. 51,840

**✦ Try This: **Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded annually, what amount will he have to pay after the given time period. Also, find the interest paid by him.

The Amount A to be paid back after one year will be A = P(1 + r/100)¹

A = 10,24,000(1 + (5/100)¹

A = 10,24,000(1 + 0.05)¹

A = 10,24,000(1.05)¹

A = 10,24,000(1.05)

A = Rs. 10,75,200

**☛ Also Check: **NCERT Solutions for Class 8 Maths

**NCERT Exemplar Class 8 Maths Chapter 9 Problem 104**

## Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him

**Summary: **

Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, the amount will he have to pay after the given time period will be Rs. 10,75,840 and the the interest paid by him will be Rs. 51,840

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