Ram singh buys a refrigerator for rs.4000 on credit.the rate of interest for the first year is 5% and the second year is 15%.how much will it cost him if he pays the amount after two years? Answer fast.......It's urgent plsssss. Answer with steps plsssssssssss
Answers
Answer:
Step-by-step explanation:
The correct answet will be obtained by simple interest
By SI
For 1st year
SI =( P*R*T)/100
SI= (4000*5*1)/100
=200
Amount =4000+200=4200
For second year
Si = (4200*15*2)/100
=1260
Amount = 4200+1260=5460
The cost of the refrigerator after two years would be Rs. 5460.
Explanation:
Given that,
Principal = Rs. 4000
Rate of interest for First-year = 5%
Rate of interest for the second year = 15%
Time = 2 years
Using the formula of simple interest, we will find the interest for the first year:
S.I. = (P × R × T)/100
= (4000 × 5 × 1)/100
= Rs. 200
Now, the amount at the end of First year:
Amount = Principal + Simple Interest
= 4000 + 200
= Rs. 4200
The interest for the second year would be:
S.I. = (P × R × T)/100
= (4200 × 15 × 1)/100
= Rs. 630
So,
The amount at the end of two years would be:
Amount = Principal + Interest for two years
= (4000 + 200 + 630)
= Rs. 4830
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