A and B each borrow equal sum of money for 3 years at 12 percent SI and CI respectively. At the time of the repayment B has to pay Rs 1123.20 more than A. Find the sum borrowed and interest paid by each.
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Answer:
Given details are,
Principal (p) = Rs 3000
Rate (r) = 5%
Time = 2years
Interest for the first year = (3000×5×1)/100 = 150
Amount at the end of first year = Rs 3000 + 300 = Rs 3150
Principal interest for the second year = (3150×5×1)/100 = 157.5
Amount at the end of second year = Rs 3150 + 157.5 = Rs 3307.5
∴ Compound Interest = Rs 3307.5 – Rs 3000 = Rs 307.5
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