Question

Nalin lent $75000 to his friend. He gave $30000 at 12% p. a and the remaining at 15% p. a. How much interest will he receive after 4 years

Answer 1

Given data:

• Nalin lent $75000 to his friend.

• Nalin gave $30000 at 12% p.a. and the remaining at 15% p.a.

To find: the interest received after 4 years

Step-by-step explanation:

Nalin lent $75000 to his friend.

He gave $30000 at 12% p.a.

Thus after 4 years, the interest received is

= $(30000 × 4 × 12)/100

= $14400

The remaining $(75000 - 30000) = $45000 is given at 15% p.a.

Thus after 4 years, the interest is received is

= $(45000 × 4 × 15)/100

= $27000

Therefore total interest received is

= $(14400 + 27000)

= $41400

Answer:

The interest of $41400 will be received after 4 years.

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