Question

Rachit borrowed 15000 from his friend . He gave 3000 at the rate of 15% per annum and the remaining amount at the rate of 18% per annum. How much interest did he pay in 4 years

Answer 1

Therefore he paid $10440 in 4 year.

Explanation:

Given, Rachit borrowed $15000 from his friend. He gave $3000 at the rate 15% for 4 year.

Interest(I₁)= Prt here P= $3000, r=15% and t = 4 year

=$(3000×0.15×4)

=$1800

He gave $(15000-3000)= $12000 at the rate of 18%.

Interest(I₂)= Prt here P= $12000, r=18% and t = 4 year

=$(12000×0.18×4)

=$8640

Therefore he paid =$(1800+8640)=$10440 in 4 year.