Harish borrows 72,500 at 3% per annum and 1,000 at 5% per annum interest.
What interest will Harish have to pay after two years?
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Answer:
8800
- interest of 72500 for two years is 8700 and interest of 1000 for two years is 100
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Principal amount = Rs 2500
Interest per year = 3% x 2500 = 0.03 x 2500 = Rs 75
Interest for 2 years = 75 x 2 = Rs 150
Principal amount = Rs 1000
Interest per year = 5% x 1000 = 0.05 x 1000 = Rs 50
Interest for 2 years = 50 x 2 = Rs 100
Total interest = 150 + 100 = Rs 250
Answer: The total interest after 2 years is Rs 250
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