Deepak obtained a loan of 36000 from Canara Bank. If the bank charges interest
at 8% for first year, 10% for second year and 15% for third year, what amount will
Deepak have to pay after 3 years to clear the debt?
Answers
47280 to be Paid after 3 years to clear the Debt if a loan of 36000 at interest rate of 8% , 10% & 15 % respectively for 1st , 2nd & 3rd Year
Step-by-step explanation:
Deepak obtained a loan of 36000 from Canara Bank
bank charges interest at 8% for first year, 10% for second year and 15% for third year
Case 1 : Simple interest
Interest for 1st Year= 36000 * 8 * 1 /100 = 2280
Interest for 2nd Year = 36000 * 10 * 1/100 = 3600
interest for 3rd Year = 36000 * 15 * 1/100 = 5400
total interest = 2280 + 3600 + 5400 = 11280
Amount to be paid = 36000 + 11280 = 47280 after 3 years to clear the Debt
in Case of Compound interest
Amount after 1 st Year = 36000( 1 + 8/100) = 38880
Amount after 2nd Year = 38880( 1 + 10/100) = 42768
Amount after 3rd Year = 42768( 1 + 15/100) = 49183.2
49183.2 to be paid
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