6400 were lent to Feroz and Rashmi at 15% per annum for 3 and 5 yr respectively. What is the difference in the interest paid by them?
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Step-by-step explanation:
FEROZ
Principal- 6400
R- 15%
T- 3yrs =36 months
S.I= P×T×R/100
=6400×36×15/100
=34560
RASHMI
P-6400
R-15%
T= 60 MONTHS
S.I= 6400×60×15/100
=57600
DIFFERENCE BETWEEN THEIR INTEREST= RASHMI'S INTEREST- FEROZ'S INTEREST
=57600- 34560
=23040
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