Question

Rohit took a loan of 20000 purchase one LCD set from a finance company. He promised to make the payment after 3 years. the company charges compound interest @ 10% per annum for the same. but, suddenly the company announces the rate of interest is 15% per annum for the last one year of the long period what extra amount does Rohit have to pay due to this announcement of the new rate of interest

Answer 1

20000(1+10/100)3,
20000(1+10/100)2(1+15/100) = 27830.
So taking the difference = 1210.

I hope it's helpful for you