Question

L
Subject: Mathematics
Scenario : A person keeps taking a loan of 1000 at the beginning of every month at a interest rate of
12% per annum added every month.
Question:6) If the interest changes to 24% per annum at the half of the year
what will be the amount?
A)990
B 11880
C12990
D13880​

Answer 1

Answer:

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D) 13880

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Answer 2

Answer:

Option (c) 12990

Step-by-step explanation:

Interest charged at the beginning of the every month

=Loan amount×Rate×5.5/12

So,

The person taking a loan of ₹1000 at the beginning of every month

=1000×12%×5.5/12

= ₹55

where for half year the interest rate will be same so the total interest for 12% is

=₹55×6= ₹330

But the rate of interest is changed to 24% half of the year , then

= 1000×24%×5.5/12

= 110

Total interest for 6 months

=₹110×6

= ₹ 660

Total interest= ₹330+₹660

= ₹990

Total amount =( 1000×12)+990

=₹ 12990