jagat brought a car for 3,50,000 on credit. The rate 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
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Answer:
₹4,24,462.5.
Step-by-step explanation:
Principal = ₹3,50,000.
Rate 1 = 10%.
Rate 2 = 5%.
Rate 3 = 5%.
Time = 3years.
Let the principal be P and the rates of interest be R1% p.a. during the first year, R2% p.a. during the second year, R3% p.a. during the third year.
Then the formula for amount is given as :-
A = P(1+ R1/100) (1+ R2/100) (1+ R3/100)
⇢ A = 350000(1+ 10/100) (1+ 5/100) (1+ 5/100)
⇢ A = 350000(1+ 1/10) (1+ 1/20) (1+ 1/20)
⇢ A = 350000 × 11/10 × 21/20 × 21/20
⇢ A = 87.5 × 11 × 21 × 21
⇢ A = 87.5 × 4851
∴ Amount = ₹4,24,462.5.
Hence, ₹4,24,462.5 will cost him after 3years.
Used Abbreviations
A = Amount.
P = Principal.
R1 = Rate for 1st year.
R2 = Rate for 2nd year.
R3 = Rate for 3rd year.
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