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Question
Radhika borrowed ₹ 12000 from her friends. Out of which ₹ 4000 were borrowed at 18% and the remaining at 15% rate of interest per annum. What is the total interest after 3 years?
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Solution
For first-year interest, we have
P1 = ₹ 4000, R1 = 18% and T1 = 3 years
∵ `I_1 = (P_1 xx R_1 xx T_1)/100`
∴ `I_1 = (4000 xx 18 xx 3)/100` = ₹ 2160
For second-year interest,
P2 = 12000 – 4000 = ₹ 8000
R2 = 15% and T2 = 3 years
∵ `I_2 = (P_2 xx R_2 xx T_2)/100`
∴ `I_2 = (8000 xx 15 xx 3)/100` = ₹ 3600
Hence, after 3 years, total interest = I1 + I2 = 2160 + 3600 = ₹ 5760
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