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Sapna borrowed a certain sum of money from Kavita under the following repayment scheme based on simple interest: 8% p.a. for the initial 2 years, 9.5% p.a. for the next 4 years, 11% p.a. for the next 2 years, and 12% p.a. after the first 8 years. Find the amount to which ₹9000 becomes at the end of 12 years.

1. ₹20160
2. ₹22350
3. ₹23470
4. ₹24567

Correct answer: ₹22350

Solution

In simple interest, interest is calculated on the original principal for each time period. So compute interest for 2 years at 8%, 4 years at 9.5%, 2 years at 11%, and 4 years at 12%, then add all interest to ₹9000. The total amount comes to ₹22350.

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