A certain sum of money was lent under the following repayment scheme based on Simple Interest: 8% per annum for the initial 2 years 9.5% per annum for the next 4 years 11% per annum for the next 2 years 12% per annum after the first 8 years Find the amount which a sum of ` 9000 taken for 12 years becomes at the end of 12 years
Answers
Answer: Rs. 20,160
Step-by-step explanation:
The formulas required for solving the given question:
Simple Interest = [P x R x T] / 100 ….. (i)
And,
Amount = Principal + Simple Interest …. (ii)
We are given that,
Principal sum, P = Rs. 9000
Time, T = 12 years
The sum is lent on a repayment scheme based on simple interest:
8% p.a. for first 2 years
9.5% p.a. for next 4 years
11% p.a. for next 2 years
12% p.a. after 8 years i.e., 12% p.a. was for (12 - 8) = 4 years
Now, based on formula (i), we get
The total interest earned at the end of 12 years will be,
= [(9000*8*2)/100] + [(9000*9.5*4)/100] + [(9000*11*2)/100] + [(9000*12*4)/100]
= [90*8*2] + [90*9.5*4] + [90*11*2] + [90*12*4]
= 1440 + 3420 + 1980 + 4320
= Rs. 11,160
Thus, based on the formula (ii), we get
The amount received at the end of 12 years will be,
= Rs. 9000 + Rs. 11,160
= Rs. 20,160
Answer:
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