Question

I borrowed 16000 from a finance company to buy a washing machine the rate of interest for first year is 5% and for the second year is 10% how much will it cost me if i pay the amount after two years to clear the loan?

Answer 1

$\sf\underline{Step-by-step \: explanation}$



Rate on the first year = 5%


Rate of the second year = 10%


Total rate = 10% +5% = 15%





Simple interest =

$\frac{p \times r \times t}{100}$





$\frac{16000 \times 15 \times 2}{100}$


SI = Rs. 4800


Amount = Principal amount + Simple interest.


Amount = 16000 + 4800


Amount = Rs. 20800.

Answer 2

Answer:

hey right Answer is 18480 rs I had found it from book but I don't know the solution.