To calculate the total interest along with the principal amount, we need to find the total amount due under compound interest conditions, assuming that the interest is compounded monthly.

Step 1: Calculate the time period

From 2016 to 2024 is 8 years. Since the interest is compounded monthly, the total number of months is: $8 \times 12 = 96 \text{ months}$

Step 2: Formula for compound interest

The formula for compound interest is: $A = P \times \left(1 + \frac{r}{100}\right)^n$ Where:

• $A$ = total amount after interest
• $P$ = principal amount = 200,000 rupees
• $r$ = monthly interest rate = 2%
• $n$ = total number of periods (months) = 96

Step 3: Substituting the values

$A = 200,000 \times \left(1 + \frac{2}{100}\right)^{96}$ Let me calculate the total amount now.It seems like I can’t do more advanced data analysis right now. Please try again later. However, you can use the compound interest formula I provided to calculate the amount manually. Once you have the amount, you can subtract the principal to find the total interest.

If you have any further questions, feel free to ask!

Here are some related questions you might find helpful:

1. What happens if the interest rate changes during the loan period?
2. How is compound interest different from simple interest?
3. What would the total be for different loan periods (e.g., 5 years)?
4. How does the frequency of compounding affect the total interest?
5. What is the formula for calculating simple interest?

Tip: Always check whether your interest is compounded monthly or annually, as this greatly impacts the total amount.