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

The Total amount after 8 years will be Rs. 7,08,000/-. Steps in the attached photo. please mark brainliest

attachment 2 is the first one and attachment 1 is the second one. sorry for the inconvenience

Answer 2

The total amount the man will have to pay after 8 years is Rs 7,08,000.

The rate of interest gets doubled after every 3 years

For the first 3 years, the rate of interest is 8%

Next 3 years, the rate of interest is 16%

Next 2 years, the rate of interest is 32%

For the first 3 years,

Principal amount, p  = 3,00,000

Rate of interest, r     = 8%

Number of years, n  = 3

Simple interest = $\frac{p*n*r}{100}$

                         = $\frac{3,00,000*3*8}{100}$

                         = $\frac{3000*3*8}{100}$

                         = 9000*8

                         = 72,000

For the years 4,5,6

Principal amount, p = 3,00,000

Rate of interest, r    = 16%

Number of years, n = 3

Simple interest = $\frac{p*n*r}{100}$

                         = $\frac{3,00,000*3*16}{100}$

                         = $\frac{3000*3*16}{100}$

                         = 9000*16

                         = 1,44,000

For the years 7 & 8

Principal amount, p = 3,00,000

Rate of interest, r    = 32%

Number of years, n = 2

Simple interest = $\frac{p*n*r}{100}$

                         = $\frac{3,00,000*2*32}{100}$

                         = $\frac{3000*2*32}{100}$

                         = 6000*32

                         = 1,92,000

Total simple interest= 72,000+1,44,000+1,92,000

                                 = 4,08,000

Total amount            = principal amount+ interest

                                 = 3,00,000+4,08,000

                                 = 7,08,000