Question

6. Sheela borrows 15000 from her friend at 12%
p.a. for 3 years at simple interest, Renu borrows
the same amount from a bank for 3 years at
10 ½% pa. compounded annually. Who pays more interest and by how much ANSWER =161.51 TELL THE EXPLANATION ​

Answer 1

Answer:

Sheela:

Principle = 15000

Rate of interest = 12%

number of years = 3

Renu:

Principle = 15000

Rate of interest = 10.5%

number of years = 3

S.I of Sheela = PRT/100 = 15000x12x3/100 = 5400

C.I of Renu = P(1+R/100)^n = 15000(1+10.5/100)^31 = 8095.4

Renu pays more intereset by = 8095.4 - 5400 =2695.4

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