оо
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

оо
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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Ava 5 months 2021-07-08T02:43:11+00:00 1 Answers 1 views 0

Answers ( )

    0
    2021-07-08T02:45:01+00:00

    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 year

    Solution:

    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 180

    Premium 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 185.454

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