Question

Aman borrows 14,500 at 11% per annum for three years at simple interest
and Tarun borrows the same amount at 10% per annum for the same time
compounded annually. Who pays more interest and by how much?


CLASS 8 CBSE DAV SCHOOL QUESTION.....


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Answer 1

Answer:

For Aman,

SI=10014,500×11×3=Rs.19285

For, Tarun,

CI=14,500[(1+10010)3−1]=Rs.19830

Hence, Tarun paid more the Aman by Rs.(19380−19285)=Rs.545.

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