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Hazoorilal took a whole life plan of Rs

60,000. He is 48 years old. He pays a

yearly premium of Rs 2000. I

Question

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Hazoorilal took a whole life plan of Rs

60,000. He is 48 years old. He pays a

yearly premium of Rs 2000. In the tenth

year of the policy, he was unable to pay the

premium on time. As per the company rule,

a surcharge of 3% per month is levied for

delay in payment of premium. Hazoorilal

paid the premium 3 months after the due

date. How much extra amount will he be

paying for that year?

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Mathematics
5 months
2021-07-08T02:43:11+00:00
2021-07-08T02:43:11+00:00 1 Answers
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## Answers ( )

Given :He pays a yearly premium of Rs 2000.he was unable to pay the premium on time

As per the company rule, a surcharge of 3% per month is levied for

delay in payment of premium.

Hazoorilal paid the premium 3 months after the due date

To Find: How much extra amount will he be paying for that yearSolution:Premium to be paid = Rs 2000

Surcharge of 3% per month

Hazoorilal paid the premium 3 months after the due date

Considering simple interest surcharge

Surcharge = 2000 * 3 * 3 / 100 = Rs 180

Extra amount paid = Rs 180Premium paid = 2000 + 180 = Rs 2180

Considering Compound interest

A = 2000( 1 + 3/100)³ = 2,185.454

Extra amount paid =2,185.454 – 2000 =Rs 185.454Learn More:

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