6. Siya and Tanya lent 70,000 and 60,000 respectively for 3 years. Siya gets simple interest at the rate of 10% p.a. while Tanya gets compound interest at the rate of 8% p.a. compounded annually. Who received more interest and by how much?
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Answer:
Given, Principal amount lent by Rohit = Rs 60000
R = 10 %
T = 2 years
Interest =
100
P×R×T
=
100
60000×10×2
= Rs 12000
Principal amount borrowed by Rohit = Rs 60000
R = 9 %
T = 2 years
Interest =
100
P×R×T
=
100
60000×9×2
= Rs 10800
Amount gained by Rohit = 12000−10800=1200
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