Question

A bank gives a loan of amount INR 3 Lakhs to a man at the rate of 8% p.a. simple interest. After every three years, the rate becomes double for the same amount of money. What is the total amount the man will have to pay after 8 years?

1) INR 3,60,000
2) INR 4,92,000
3) INR 6,60,000
4) INR 7,08,000

Answer 1

Answer:

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Answer 2

Answer:

Amount (am)=300000

Simple Interest rate (spr) =8%

Time(t)=8

Step-by-step explanation:

After every three years, the rate becomes double for the same amount of money.

so after 3 years, spr becomes 16% and again after 3 years, spr becomes 32%.

so first 3 years Simple interest = 300000*((8*3)/100)

=3000*24=72000

again scend 3 years Simple interest = 300000*((16*3)/100)

=3000*48=144000

last 2 years Simple interest = 300000*((32*2)/100)

=3000*64=192000

Total amount the man have to pay=300000+144000+196000+72000

=708000