5. Muskan borrows a sum of 320,000 for 3 years at the simple interest rate of 10%. Mohan borrows the same amount at a variable rate of interest, that is, 5% for the first year, 10% for the second year and 15% for the third year. Who pays more interest and by how much?
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0
Answer:
Explanation:
P= Rs. 24000, Time = 1
2
1
years =3 half years, r=10% p.a. =5% per half year
∴A=24000(1+
100
5
)
3
=24000×(
20
21
)
3
=24000×
8000
9261
= Rs. 27783
∴ C.I. = Rs. 27783− Rs. 24000= Rs. 3783
∴ C.I. (x) lies between Rs. 3000 and Rs. 4000.
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