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Rohit took a loan of Rs. 30,000 from Rajesh. The condition of Rajesh set for Rohit was that for the first four years the rate of interest would be at 10% simple interest per years and at 20% compound interest compounded annually from the fifth years onwards. Rohit payed foul and did not pay anything until the end of sixth year. How much would he have to repay if he is to clear the entire amount only at the end of the sixth years (in Rs. )?

Rohit took a loan of Rs. 30,000 from Rajesh. The condition of Rajesh set for Rohit was that for the first four years the rate of interest would be at 10% simple interest per years and at 20% compound interest compounded annually from the fifth years onwards. Rohit payed foul and did not pay anything until the end of sixth year. How much would he have to repay if he is to clear the entire amount only at the end of the sixth years (in Rs. )? Correct Answer Rs. 60,480

Formula used:

Simple interest = (PTR) / 100

Calculation:

The simple interest for the first four years = (30,000 × 4 × 10) / 100 = Rs. 12,000

∴ Amount after four years = Rs. (30,000 + 12,000) = Rs. 42,000

Now, on this amount he pays 20% interest compounded annually for 2 years

∴ Effective compound interest % for 2 years:

Net rate % = x + y + (xy / 100)

⇒ Rate% = 20 + 20 + (20 × 20 / 100) = 40 + 4 = 44%

∴ Interest for these two years = 44% of 42,000 = Rs. 18480

Now, total amount = Rs. (42,000 + 18,480) = Rs. 60,480

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