Question

Jagat bought a car for 3,50,000 on credit. The rate of interest for the first year is 10% for the second year is
5% and for the third year is again 5%. How much will it cost him if he pays the amount after 3 years?​

Answer 1

Answer:

₹424,462.5.

Step-by-step explanation:

For the first year

Principal = ₹3,50,000.

Rate = 10%.

Time = 1year.

I = P×R×T/100 = 350000×10×1 = ₹35,000.

Amount = 350000 + 35000 = ₹3,85,000.

For the second year

Amount for 1st year = Principal for second year.

Principal = ₹3,85,000

Rate = 5%.

Time = 1year.

I = P×R×T/100 = 385000×5×1/100 = ₹19,250.

Amount = 385000 + 19250 = ₹4,04,250.

For the third year

Amount for 2nd year = Principal for 3rd year.

Principal = ₹4,04,250

Rate = 5%.

Time = 1year.

I = P×R×T/100 = 404250×5×1/100 = ₹20,212.5.

Final Amount = 404250 + 20212.5

= ₹4,24,462.5.

Therefore, ₹4,24,462.5 will cost him.

Used Abbreviations

P = Principal.

A = Amount.

I = Simple Interest.

T = Time.

R = Rate.

__________________________________