Suhail lent₹12000 to his friend for 3 years at the rate of 10 % per annum compound interest .What amount does Suhail get after 3 years?
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Answer:
Principal amount (P) = Rs 12500
Time period (T) = 3 years
Rate of interest (R) = 15% p.a.
Interest =
100
P×R×T
=
100
12500×15×3
= Rs 5625
Rest of the amount lent = Rs 15000−Rs 12500=Rs 2500
Rate of interest = 18% p.a.
Time period = 3 years
Interest =
100
P×R×T
=
100
2500×18×3
= Rs 1350
Total interest earned = Rs 5625+Rs 1350=Rs 6975
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