Abha Purchased A House From Awaas Parishad On Credit. If The Cost Of The House Is Rupees 64000 And The Interest Is 5% Per Annum Compounded Half Yearly, Find The Interest Paid By Abha After One And A Half Years.

Given: Principal sum = Rs 64,000 Rate of interest = 5% per annum or 2.5% per six

months. T = 1.5 years or 3 terms of 6 months each

To do: Find the interest Paid by Abha one and half years

Solution:

Amount = $P({1 + R}{100})^{T} = 64000(\frac{1 + 2.5}{100})^{3} $

= $64000 \times (1.025)^{3}$

=$ 64000 \times 1.0769 = Rs 68921$

Compound Interest at the end of 1.5 years compounded half-yearly

= Amount - Principal = $68921 - 64000$ = Rs 4921

Compound interest = Rs 4921

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