Question

Ujuurel 1 year
9. Jagat bought a car for 3,50,000 on credit. The rate of interest for the first year is 10% for the second year is
5% and for the third year is again 5%. How much will it cost him if he pays the amount after 3 years?​

Answer 1

Answer:

it will cost 420000 after 3 years

Answer 2

Answer:

₹₹4,24,462.5.

Step-by-step explanation:

Principal = ₹3,50,000.

Rate 1 = 10%.

Rate 2 = 5%.

Rate 3 = 5%.

Time = 3years.

Let the principal be P and the rates of interest be R1% p.a. during the first year, R2% p.a. during the second year, R3% p.a. during the third year.

Then the formula for amount is given as :-

A = P(1+ R1/100) (1+ R2/100) (1+ R3/100)

⇢ A = 350000(1+ 10/100) (1+ 5/100) (1+ 5/100)

⇢ A = 350000(1+ 1/10) (1+ 1/20) (1+ 1/20)

⇢ A = 350000 × 11/10 × 21/20 × 21/20

⇢ A = 87.5 × 11 × 21 × 21

⇢ A = 87.5 × 4851

∴ Amount = ₹4,24,462.5.

Hence, ₹4,24,462.5 will cost him after 3years.

Used Abbreviations

A = Amount.

P = Principal.

R1 = Rate for 1st year.

R2 = Rate for 2nd year.

R3 = Rate for 3rd year.

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