Akash borrowed Rs 12000 from a bank at the rate of 6% for 8 years. After a certain period of time, the government introduced a scheme which reduced the interest rate by 3%. At the end of 8 years, Akash paid Rs 16680 in total then after how much time the government introduced the scheme?
None of these.
Incorrect AnswerExplanation:
Let the years after which government introduced the scheme be x So, total Interest Akash paid in 8 yrs=16680-12000=4680,
Now, SI=PRT/100
4680= 12000(6*x+ 3*(8-x))/100
4680= 12000(6x+ 24-3x)/100
4680= 120(3x+24) x= 5 year
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By: santosh