Sharath borrowed Rs.24,000 from his friend. Out of which Rs.14,000 was borrowed at 15% and the remaining at 12% rate of interest per annum. What is the total interest after 3 years?
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Sharath borrowed Rs.24,000 from his friend. Out of which Rs.14,000 was borrowed at 15% and the remaining at 12% rate of interest per annum. What is the total interest after 3 years?
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Answer:
Sum borrowed(P)=Rs. 24000
Rate(R)=13% p.a.
Time(T)= 2 years
In case of simple interest,
S.I. for 2 years= PTR100
=Rs.24000×13×2100=Rs.6240
In case of compound interest,
Interest for the first year= 24000×12×1100
=Rs. 2880
Amount after first year
=Rs. 24000 +2880= Rs. 26880
Interest for second year= Rs. 26880×12×1100
=Rs.322560100=Rs.3225.60
∴ C.I. for 2 years=Rs. 2880+3225.60
=Rs. 6105.60
Total interest= Rs. 6240 +6105.60
= =Rs. 12345.60
Step-by-step explanation:
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