shahiti borrows rs 12000 at 10 per annum for 3 years at simple interest and Mahiti bought the same amount for the same period at 8% per ann

Question

shahiti borrows rs 12000 at 10 per annum for 3 years at simple interest and Mahiti bought the same amount for the same period at 8% per annum compounded annually who pays more interest?
(with steps pls )​

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Elliana 1 month 2021-08-14T03:55:56+00:00 1 Answer 0 views 0

Answers ( )

    0
    2021-08-14T03:57:53+00:00

    Answer:

    ANSWER

    Rate of interest 10% per annum

    ∴ rate of interest for half-yearly=5%

    Principal for the first six month=Rs.12000

    Rate of interest=5%

    ∴ Amount after first six year=12000(1+

    100

    5

    )

    =12000×

    100

    105

    =Rs.12600

    Money Re-pay st the end of first six month=Rs.4000

    ∴ Principal for the second six month=12600−4000=Rs.8600

    Rate of interest=5%

    ∴Amount after second six month(12 month)=8600(1+

    100

    5

    )

    =8600×

    100

    105

    =Rs.9030

    Money re -pay at the end of second six month=Rs.4000

    Principal for the third six month(18 months)=9030−4000=Rs.5030

    Rate of interest=5%

    ∴ Amount after third six month

    =5030(1+

    100

    5

    )

    =5030×

    100

    105

    =Rs.5281.50

    ∴ The payment at the end of 18 monthe in order to clear the entire lon=Rs.5281.50

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