A man borrowed Rs. 24,000 and Rs. 30,000 at 5% and 9% per annum simple interest, respectively. What amount (in Rs.) will he have to return after 8 years?
- A78450
- B85200
- C92500
- D31200
Solution & Step-by-step Explanation
Total principal amount borrowed:
P
total
=24000+30000=Rs. 54,000
Simple Interest on the first loan (P
1
=24000,R
1
=5%,T=8years):
SI
1
=
100
24000×5×8
=240×40=Rs. 9,600
Simple Interest on the second loan (P
2
=30000,R
2
=9%,T=8years):
SI
2
=
100
30000×9×8
=300×72=Rs. 21,600
Total Simple Interest to be paid:
SI
total
=9600+21600=Rs. 31,200
Total amount to be returned after 8 years:
Amount=P
total
+SI
total
=54000+31200=Rs. 85,200
P
total
=24000+30000=Rs. 54,000
Simple Interest on the first loan (P
1
=24000,R
1
=5%,T=8years):
SI
1
=
100
24000×5×8
=240×40=Rs. 9,600
Simple Interest on the second loan (P
2
=30000,R
2
=9%,T=8years):
SI
2
=
100
30000×9×8
=300×72=Rs. 21,600
Total Simple Interest to be paid:
SI
total
=9600+21600=Rs. 31,200
Total amount to be returned after 8 years:
Amount=P
total
+SI
total
=54000+31200=Rs. 85,200