Question

₹ 5000 were lent at 12% p.a. to Rohan for 3.5 years and Rohit at 15% for 5 years respectively. Find the difference in the interest paid by them.

Answer 1

Answer:

Difference in the interest paid by them = ₹ 3750 - ₹ 2100 =  ₹ 1650

Step-by-step explanation:

For Rohan

Principal or the money lent = Rs. 5000

Rate of Interest = 12%

Time taken = 3.5yrs

Simple interest = P x R x T  =  5000 x 12 x 3.5  = ₹ 2100

                                  100                       100

For Rohit

Principal or the money lent =  ₹ 5000

Rate of Interest = 15%

Time taken = 5yrs

Simple interest = P x R x T  = 5000 x 15 x 5  = ₹ 3750

                                 100                    100

Difference in the interest paid by them = ₹ 3750 - ₹ 2100 =  ₹ 1650