Question

1. Bharathi borrows an amount of 12500 at 12% per annum for 3 years at a simple
interest and Madhuri borrows the same amount for the same time period at 10% per
annum, compounded annually. Who pays more interest and by how much?
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Answer 1

Answer:

simple interest = (amount ×rate ×time )\100

={12500×12%×3}\100

=125×36

=4500

compound interest = P(1+r/n)^nt

= 12500(1+10/3)^3×1

= 3835

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