A Woman took a loan of Rs. 15,000 to purchase a mobile. She promised to make the payment after three years. The company charges CI at 20% per annum for the same. But, suddenly the company announces the rate of interest as 25% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of new rate of interest?

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Solution

$15, 000 \times (1 + \frac{20}{100})^{2} [(1 + \frac{25}{100}) - (1 + \frac{20}{100})]$
$= 15, 000 \times (\frac{120}{100})^{2} [\frac{125}{100} - \frac{120}{100}]$
$= 15000 \times \frac{144}{100} \times \frac{5}{100} = 15 \times 72 = 1080$

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15,000×(1+20100)2[(1+25100)−(1+20100)]=15,000×(120100)2[125100−120100]=15000×144100×5100=15×72=1080

$15, 000 \times (1 + \frac{20}{100})^{2} [(1 + \frac{25}{100}) - (1 + \frac{20}{100})]$
$= 15, 000 \times (\frac{120}{100})^{2} [\frac{125}{100} - \frac{120}{100}]$
$= 15000 \times \frac{144}{100} \times \frac{5}{100} = 15 \times 72 = 1080$