problem belongs to percentages
A man borrowed Rs.60,000 at simple interest, but at different rates for different periods. The rate of interest for the first three years was 6% p.a.; for the next two years it was 7% p.a. for the next four years it was 8% p.a. and for the 10th year it was 9% p.a. He made a partial repayment of Rs.35,000 at the end of four years. If he wants to clear his loan at the end of 10 years, how much should he pay?
The answer is 59200.
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1 solution
SI for first 3 years @ 6% for 60,000 is 10,800 and for the fourth year @7% is 4200 thus the total sum at end of fourth year is 75,000. Now Since Rs. 35000 is paid at end of 4th year Remaining Amount is Rs. 40,000. So now 1.@ 7% on 40,000 for 1 year is 2800 2.@ 8% on 40,000 for 4 years is 12,800 3. @9% on 40,000 for 1 year is 3600 So total interest is Rs. 19,200 Amount to be paid to clear the loan is 40,000 + 19,200 = 59,200